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Standard of living in India

From Academic Kids

The single most common indicator which is used to quantify standard of living is the per capita purchasing power parity (PPP) adjusted gross domestic product (GDP). India is still a third world economy when this indicator is considered. In 2000, the per capita PPP adjusted GDP for India was $2,600. These figures can be compared to $33,000 for the USA, $4,900 for China and approximately $26,000 for most western European nations.

With one of the fastest growing economies in the world, clocked at an average growth rate of 7% between 2000-2003, India is fast on way to become a large and globally important consumer economy.

The Indian middle class, touted to be anywhere between 100 and 300 million depending on the data used, is fast becoming used to the Western consumer lifestyle. Though large disparities exist, the standard of living of the average Indian is slowly but definitely rising and, if current trends continue, will grow to be approximately one third that of the developed world (in PPP dollars) by the middle of the 21st century.

However, with a country so diverse as that of India, especially with a majority rural population, a single number to address the standard of living is very simplistic.


See Also

Standard of living in the United States


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