In a development replete with substance and symbolism, India has overtaken the UK to become the fifth largest economy. Powered by a massive young demographic waiting to burst into the middle class and a robust digital ecosystem, India is certain to grow bigger in the coming years. But hold your horses, how much of this gargantuan economic growth has benefited the common man ? The low GDP per capita and the continuing Covid relief package providing free food grains for 800 million people are pointers to low individual productivity, signifying that the macro picture represented by absolute GDP numbers is misleading. India's GDP per capita of around $ 2,500 is less than 6% of UK's $44,000, so all this tomtomming by the BJP about us having surpassed Britain's economy is an eyewash. With millions being pushed into poverty every year, the situation is grim. The so called economic progress has been of benefit only to the moneyed class. Unless there is equitable distribution of wealth and the common folk are pulled out of poverty, all this hoo ha about GDP growth holds no water.
