Pakistan today faces global criticism for failing to control local terrorist groups, even as it grapples with a failing economy and mounting global debt. India, on the other hand, has become a world leader that recently surpassed the UK to become the world’s fifth-largest economy. The stark economic contrast between the two neighbors shows that Pakistan’s unstable government, conflicting power centers, covert support for terrorist groups, and involvement in global terrorist attacks such as the 11/26 Mumbai attacks have bled its economy. .
Here’s a look at the economic performance of the two nations:
* India is the fastest growing trillion dollar economy in the world today and the fifth largest overall, according to data compiled by the IMF’s World Economic Outlook. He jumped from ninth place in 2010 to fifth place in a span of just nine years. India’s GDP is almost ten times that of Pakistan, which ranks 45th.
* India’s rise has been even more dramatic in recent years. Since 2008, its GDP has increased by almost 140%, compared to an increase of around 63% in Pakistan.
* According to World Bank estimates, in 2019, India’s GDP (in current dollars) was $ 2.875 trillion, while Pakistan’s was $ 278.22 billion.
* In terms of purchasing power parity, India ranks third globally with a GDP of $ 9.612 trillion in 2019, while Pakistan is ranked 24th with a GDP of $ 1.058 trillion.
* In the World Bank’s Ease of Doing Business 2020 ranking, Pakistan is ranked 108th, while India ranks higher at 63rd.
* India’s post-independence journey began as an agrarian nation. However, the manufacturing and services sector has emerged strongly over the years. The service sector is the fastest growing sector, contributing more than 60 percent to its economy and accounting for 28 percent of employment. Manufacturing remains one of its crucial sectors and is being given due impetus through government initiatives such as “Make in India”.
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