
India's economy surpasses United Kingdom - Garbage
http://timesofindia.indiatimes.com/india/for-the-first-time-in-nearly-150-years-indias-economy-surpasses-that-of-united-kingdom/articleshow/56064690.cms
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bgarbiak
With all the massive, extreme poverty in India this only shows how meaningless
GDP is as a mean to illustrate economy's condition.

~~~
orblivion
Not to defend the GDP overall, but you could just use a per capita GDP for
that sort of comparison.

~~~
noir_lord
GDP per capita is better than raw GDP but it still doesn't factor in wealth
inequality, purchasing power parity etc.

You can see the issue with a Representative economy here (UK)

[https://upload.wikimedia.org/wikipedia/commons/thumb/1/10/UK...](https://upload.wikimedia.org/wikipedia/commons/thumb/1/10/UK_Equivalised_Income_Distribution.png/600px-
UK_Equivalised_Income_Distribution.png)

Of course the Government always uses Mean since it sounds a _lot_ better.

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denzil_correa
The phrase "economy surpasses" gives a very different impression. The only
thing I can take is that India is now generating more income. I'm not sure
what to make of it because if one were to look at the income/wealth
distribution numbers where the richest 1% hold nearly 60% of India's wealth
[0]. It would be interesting to see if this income is enough for India (under
equitable distribution assumptions), to make India "unpoor". IF so, it would
mean that India does not lack the money or resources. It lacks the means to
distribute its resources.

[0] [https://www.credit-suisse.com/us/en/about-
us/research/resear...](https://www.credit-suisse.com/us/en/about-
us/research/research-institute/news-and-videos/articles/news-and-
expertise/2016/11/en/the-global-wealth-report-2016.html)

~~~
devoply
Yeah and how is that number skewed in the US... India has a much better
distribution than most Western countries. The problem is that it's divided
over a billion people. UK has a significantly smaller population.

~~~
denzil_correa
> The problem is that it's divided over a billion people. UK has a
> significantly smaller population.

UK also is significantly smaller in size too. Just in case, the population
density of England is higher than that of India.

~~~
devoply
dunno how area or population density affects economic output other than
perhaps for agrarian economies that need the land. maybe real estate, but you
can build up you don't need tons of land for that.

~~~
denzil_correa
More people, more services and more goods produced - more GDP.

~~~
vishnujayan
true.Indian GDP is not based on exports but rather Indians producing
goods,services and selling to Indians which has a population of 1 billion is
pretty much the backbone of our business which contribute to GDP. Each state
in India is the size of an European country Competing each other to surpass
the growth level are the driving factors of Indian economy..

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dep_b
India still has a long way to go on a social level (as does all of humanity in
a sense) but I think things are really improving there at least, especially
compared to Pakistan and Bangladesh.

~~~
eklavya
You say it like there was ever a comparison here since just after
independence.

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karmacoda
_" Owing to Britain's recent Brexit-related problems.."_ \-- I'm not aware of
any Brexit-related economic problems. On the contrary, all news I've seen
since has been positive, to the surprise, and disappointment, of many.

~~~
d3ckard
[https://www.google.com/?gfe_rd=cr&ei=B-lXWP3BD6Ti8AeIu6i4BA&...](https://www.google.com/?gfe_rd=cr&ei=B-lXWP3BD6Ti8AeIu6i4BA&gws_rd=cr#q=pound+to+dollar)

This might help you see some problems.

~~~
dmichulke
All central banks continuously print money because they consider their
currency "too strong" and say this will hurt exports.

At some point the exchange rate falls and suddenly no one is happy with it
either. Recent examples are China, GB, Brazil, Venezuela.

The truth is - as with your comment - a surging/falling exchange rate is
neither good nor bad. It has positive and negative effects and things will
balance out.

Or to say it differently:

 _An exchange rate is never low, nor is it high, it is precisely where it
should be._ \- Gandalf the Grey

~~~
gutnor
If you print money, you are in control and you do it because you believe that
you currency strength is harming your economy somehow: that's like a Sales
because you want to get rid of stock to introduce a new model for example.

In this case the other countries are dumping GBP because they think the UK
economy will become weaker. That would be like a Sales because your product is
flopping.

Same effect, difference cause. One is voluntary on the country/company term,
the second is forced by the other actors of the market. The fall of the GBP is
significant. The rest of the World is shorting the UK right now and that in
itself can be what pushes the UK economy in danger zone.

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douche
A country as large as India, with over a billion citizens, ought to have a
bigger economy than a small island nation that has turned its back on its
historical engines of wealth and power.

~~~
SixSigma
> its historical engines of wealth and power.

slavery, rum, tobacco, wool, sugar, coal & sea power

~~~
douche
Certainly sea power. Also steel, armaments, shipbuilding, shipping,
aeronautics, and all manner of other tangible goods and trade.

Having 80% of your economy[1] tied up in parasitic service sector make-work
and financial services smacks of decadence and decline.

[1]
[https://www.ft.com/content/2ce78f36-ed2e-11e5-888e-2eadd5fbc...](https://www.ft.com/content/2ce78f36-ed2e-11e5-888e-2eadd5fbc4a4)

~~~
SixSigma
I live in the North, it used to be a powerhouse of textiles, coal and steel.

Now it's just a shell of the glory days, there is no growth. It was no
surprise the people here voted for Brexit. The SE sucks the wealth fro mthe
nrest of the nation, taking the best investment with it.

And we're only 200 miles away. Imagine Orlando having a baseline of $1m for a
3 bedroom house and Miami full of boarded up buildings.

