Look Beyond GDP !
It is a popular quote by Friedrich Nietzsch : All things are subject to interpretation. Whichever interpretation prevails at a given time is a function of power and not truth. Elite and educated Indians have high obsession with two parameters for judging development in India either GDP growth rate and numbers of stock exchange. I will discuss about GDP and similar indicators. GDP is a good indicator but doesn't show up complete picture. It does not take into account income distribution. Let us talk about Per Capita Income. It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or GNI) and dividing it by the total population. So, its just an average ! Hence, increase in wealth of Tata, Birla and Ambani can show up good figures for India but can't really reflect development of a common citizen. Let us use three global indices of development for comparison: 1. GCI (Global Competitiveness Index): issued by World Economic Forum, and is base...