India is poised to become the most populous country in the world in the next few decades, and the rapidly growing country is now the 10th largest economy in the world in terms of GDP. Mihaylo Economics Professor Dipankar Purkayastha discusses the current state and outlook for the Indian economy and the other nations that make up the Indian Subcontinent, including Pakistan, Sri Lanka and Bangladesh.
With a population of more than 1.5 billion people, or more than 20% of the world’s total population, the nations that make up the Indian Subcontinent comprise a rapidly expanding economic region. The Indian Subcontinent is a region of South Asia, including the nations of India, Sri Lanka, Pakistan, Nepal, Bhutan, the Maldives and Bangladesh. Foremost among the nations of the region is India with a rapidly growing population of more than 1.2 billion and an economy that ranks as the world’s 10th largest in terms of GDP.
“India is so large, that almost everything you say about it proves to be untrue,” says Mihaylo Economics Professor Dipankar Purkayastha. He studies economic development and international trade and is originally from India. “Some Indians are rich, but the vast majority of Indians are poor, and the presence of wealthy Indians makes averages misleading,” he explains.
A Legacy of Economic Leadership Precedes India’s Recent Rise
India’s position as a vital player in the world economy is both a recent development and a continuation of a long history for that nation. During ancient times, there was a lively trade between the major western empires of the time, including the Roman Empire, and India. The late economic historian Angus Maddison suggested that India may have been the world’s largest single economy during the first millennium A.D. During the Mughal Empire (1526-1857), India’s economy is believed to have contributed around one-fourth of the total global GDP. Read More