World Bank report says per capita income of Indians more than Pakistanis

World Bank report says per capita income of Indians more than Pakistanis

Submitted by alvin on Wed, 2016-06-22 11:21 Washington: Reports prepared by the World Bank (WB) have revealed that the per capita income of Indians is often more than the per capita income of the average Pakistani.Using the globally accepted Purchasing Power Parity or PPP method to analyze and compare the per-capita income of various nations, reports prepared by the World Bank found that every Indian earns around USD 5,630, while a Pakistani earns around USD 5,090.A closer look at the statistical evidence provided in these WB reports reveals that one U.S. dollar is equal Pakistani Rupees 10.4.56, while one U.S. dollar is equivalent to Indian Rs.67, and therefore, an Indian earns 54,000 Pakistani rupees more than his Pakistani counterpart or Indian Rs 36,100 more than what a Pakistani individual earns in a year.According to the World Bank, this per capita disparity between India and Pakistan was in the reverse about two-and-a-half decades ago. Then, Pakistan enjoyed a much higher standard of living. India has been successfully and steadily moving up in terms of income earning since 1990. The actual change in favour of India occurred in 2009 when its per capita income overtook and surpassed Pakistan's for the first time.Pakistan's policy of promoting and feeding the terrorist infrastructure within and outside Pakistan has eaten away at its economic dividends, say global economic experts.India, on the other hand, has had better law and order management, promoted peace, enjoyed rising levels of private and foreign investment, an increasing presence in the Information technology sector, high growth, and a prospering middle class.In India, the government has been taking steps to bridge the urban-rural gap. This includes the setting up of the Council for Advancement of People's Action and Rural Technology (CAPART) by the Ministry of Rural Development.CAPART helps in providing assistance to various organizations which help in developmental activities.In the last two years, the government has also introduced cost-effective schemes to reduce the rural-urban divide not only in terms of income, but on other social measures.At the state level, economic performance is improving with the help of a liberal regulatory environment.Market-oriented reforms have been introduced from time-to-time, which have led to differences in economic indicators being minimised, and according to experts, continuing to be in reform mode, will complement measures to improve infrastructure, education and basic services.The potential for growth in sectors other than agriculture can also give a boost to employment and thus lower poverty.In February this year, data prepared by the Central Statistics Office (CSO) revealed that per capita income of an Indian during 2015-16 was likely to be Rs. 77,431 as compared to Rs 72,889 for the year 2014-15, a growth of 7.3 percent per month.The CSO, under the Ministry of Statistics and Programme Implementation, in its advance estimate for 2015-16, has projected the Indian economy to grow at 7.6 percent the highest since 2010-11 when the GDP expanded by 8.9 percent.The growth rate of Pakistan in 2014 was estimated at 4.14 percent, while India's growth rate was estimated at 7.17 percent in 2014.During the period 1980-2014, the average GDP growth of Pakistan was 5.02 percent, while India's was 6.23 percent in the same period. (ANI)