India still is not among the wealthy countries...why?
India does not even rank among the top 100 richest nations in the world, despite having one of the highest GDPs in the world and being in the top five. The richest nation in the world, Luxembourg, is a little Western european nation with a GDP per capita income of $143,320. india ranks 129th when considering GDP per capita. The GDP per person in india is $2673 (about Rs 2.21 lakh). India's per capita income status is inferior to that of bangladesh and Sri Lanka, its neighbors.
To suggest that per capita income has not improved would be incorrect, though. India's GDP per capita income is at an all-time high right now. The GDP per person in 2019 was approximately $2,000. The per capita income was US $1,600 in 2014, the year the Modi government took office.
What is the rupee's worth in relation to the US dollar?
The economy of America is the biggest in the world. The US dollar is regarded as the most potent money in the world as a result. international trade between nations is only conducted in US dollars. The indian economy is greatly impacted by changes in the dollar's value.
Importing items from overseas becomes more affordable for india as the value of the dollar declines. This lowers inflation and benefits India. In tandem with the dollar's appreciation, India's exports in foreign exchange grow more costly. indian exporters suffer as a result, and the trade gap can widen. In 2014, the rupee was worth about Rs 60 to the US dollar. The rupee dropped to 72 against the US dollar in 2019. One dollar was worth Rs 74.57 by 2021. In january and february of 2024, one dollar is currently valued at approximately Rs 83.27.
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