India is currently in the transition stage of becoming fully developed country from developing country. The problem though is that this transition is taking too much time. So, what can be a logical solution so that India may be able to achieve the status of a developed nation.
India ranks fourth in GDP, but real wealth depends on how ordinary citizens contribute and boost consumption, as the economy is largely consumption driven. The major concern here is that India is nowhere near the first ten economies of the world regarding per capita income and where the per capita income at USA is approximately USD 90000, China is USD 13000 and Germany is at USD 63000 and finally India is standing at USD 2800. Here we need to know that the number of GDP is not enough to understand the health of any nation and many such data should be looked at before judging the health of any nation.
The more surprising factor here is that LUXEMBOURG stands at no. 1 position regarding the per capita income with USD 140000, Ireland with USD 129000 in second position and Switzerland with USD 111000 at third position. So, the interesting part here is that USA is ranked 8th and China with GDP placed at the second position is not even in first 10 countries. So, it is apt to understand that the GDP (nominal or real) number itself is not enough to understand about the complete health of any nation.