India to see 6.9% economic growth in September quarter

[golfguru]

The real GDP expansion is projected to slowdown to 6.9% in the September quarter on a year-on-year basis from 7.7% growth clocked in three months ended June. According to Nomura, the lower growth would be on account of broad-based slowdown in private consumption, fixed investment and exports.

http://www.moneylife.in/article/india-to-see-69-economic-growth-in-september-quarter-nomura/21724.html

We would kill to see a 6.9% YoY growth here. And that is after a slowdown there! WTF are they doing different than us?

[JDPriestly]

1. They are aggressively wooing our corporations to ship our jobs over there.

They have a cruel class system and a great deal of poverty.

10% of 10 is 1. 1% of 100 is also 1. So the percentage of growth of the Indian economy has to be understood in terms of 6.9% of what. If they have a very small economy to begin with then 6.9% growth is not nearly as much as we might think.

[golfguru]

2. I hate to burst your bubble, India now has the 5th largest GDP in world

after, EU, USA, China & Japan. However EU is really not 1 country. So India is the 4th largest GDP in the world currently and GROWING FASTER THAN EU, USA,& JAPAN.
India will overtake Japan very shortly, within 2 years or less. In actual purchasing power Indian economy is rated even higher because many goods and services cost less in India than most countries in top 25.

List #1 by the International Monetary Fund (2010)

Rank Country GDP (PPP) $Million

— European Union 15,203,145
1 United States 14,526,550
2 China, People's Republic of 10,119,896
3 Japan 4,323,504
4 India 4,057,787
5 Germany 2,944,352
6 Russia 2,230,954
7 United Kingdom 2,181,456

List #2 by the World Bank (2005-2010)
Rank Country GDP (PPP) $Million Year

1 United States 14,582,400 2010
— Euro areab 11,357,172 2010
2 China, 10,084,764 2010
3 Japan 4,332,537 2010
4 India 4,198,609 2010
5 Germany 3,071,282 2010
6 Russia 2,812,383 2010
7 United Kingdom 2,231,150 2010
8 France 2,194,118 2010
9 Brazil 2,169,180 2010
10 Italy 1,908,569 2010

List #3 by the CIA World Factbook (1993-2010)
Rank Country GDP (PPP) $Million Year

— European Union 14,820,000 2010 est.
1 United States 14,660,000 2010 est.
2 China 10,090,000 2010 est.
3 Japan 4,310,000 2010 est.
4 India 4,060,000 2010 est.
5 Germany 2,940,000 2010 est.


Source: http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)

[Antifa919]

3. The inequality in India is still high.

The inequality in India is still high. I hope that they can use the growth towards closing that gap between the rich and poor.

When you have millionaires with private skyscrapers next to homeless people then there's something that's not quite right.

http://articles.nydailynews.com/2008-05-02/gossip/17898492_1_mukesh-ambani-indian-billionaire-skyscraper

[golfguru]

5. The people living in skyscrapers did not inherit it

because 60 years ago, there were hardly any rich people in India. The British rulers made it impossible for any one to get rich. Now the richest person living in UK is an Indian businessman, but he has kept his Indian passport.

There is so much opportunity right now in India to make money and get good jobs, there are even a lot of Americans now working in India. If the poor people can't figure out how to get ahead in such a fast growing economy, whose fault is it? Like they say, you can lead a horse to water but you can't force him to drink.

[JDPriestly]

4. If you compare GDP, you also have to compare populations.

China, 1,339,724,852

India, 1,210,193,422

USA, 312,670,000

Germany, 81,729,000

The GDP alone does not reveal how poor or wealthy individuals in a country are.

http://en.wikipedia.org/wiki/List_of_countries_by_population

Poverty is still very widespread in India, and Indians undercut American workers. We will end up like India if we continue to permit so much unemployment in our country.

http://en.wikipedia.org/wiki/Poverty_in_India

I'm in favor of helping people in other countries, provided that the cost in terms of job losses in our country caused by importing goods and outsourcing jobs is shared equitably among rich and poor.

The Republican, big business response to the economic downturn in our country is always lay more people off -- in other words, cause more misery and poverty in our country.

That response is wrong. We need to reject it. The growth in the Chinese and Indian economies runs parallel to the stagnation and increasing poverty in our own. It doesn't have to be that way.

[golfguru]

6. "stagnation and increasing poverty in our own"

What is your solution to change that situation?
Trade barriers? Tariffs? New politicians?

We all know what the problems are, now can we hear the solutions?

[JDPriestly]

7. Tariffs and new politicians.

Tariffs, tariffs, tariffs. Whether in the form of a huge VAT tax on all products and lower income taxes to compensate ordinary Americans -- whatever, but tariffs, big ones, by all means. Especially on manufactured goods. Not so much on imported raw materials.

[golfguru]

10. I support tariffs only to make it a fair trade

but not if our tariffs morph into protectionism.
That will cause inflation, loss of exports through retaliation and lower standards of living.

Going overboard on tariffs has failed every time it was tried. A good example is when I was growing up in the native country, all imports of foreign cars were banned to protect the local manufacturers. The result? 3 year wait to buy a car, shoddy quality and inflated prices, and a stagnant car industry.

Long after I left my native country, cars can now be imported, the local cars have improved tremendously and the car industry is actually doing so well, they are able to export cars.

[JDPriestly]

11. We would have to go quite a ways before we were overboard.

We need to have balance, and the costs and benefits of trade need to be shared.

As it is, India and China and Central American workers do the jobs American workers used to do. The Indians, Chinese and Central Americans do it for less than Americans did it in recent years. The products the Indians, Chinese and Central Americans produce are, however, not as good, not of the quality that the products the Americans produced were.

Americans are unable to get work and can't earn decent salaries because they can't get jobs because the new jobs are being created outside of America. The Indians, Chinese and Central Americans, however, can't buy the products they so cheaply (and sloppily) produce.

What we need at the moment is tariffs and then a gradual opening of "free markets" for international trade. The opening of international markets to the US market was too much too fast.

The fundamental idea of more trade is not bad. It's the speed and mania with which it has been done that is really stupid.

[upi402]

9. uh YES! Tariffs balance wage dispaity...

but we'd need new politicians in opposition to the 2 party corporatism we get to choose between now.

[DBoon]

8. maybe we should outsource our CEOs to India

might get better results - for 20% of the cost