According to a Credit Suisse report, Indian GDP at the current price level of the rupee (Rs 40.76 per $) stands at $1trillion. The strengthening rupee has now made India the 12th country to achieve this milestone.
see GDP - GDP and standard of living/Criticisms and limitations ( sections)
According to government data released today, the country's economy at market prices stood at Rs 41,25,724 crore (Rs 41,257.24 billion) at the end of fiscal 2006-07 -- which equals nearly 1,010 billion dollars (1.01 trillion dollars) at the current foreign exchange rate of the rupee.
The other economy that crossed the same mark recently is Russia, which was within the last 2.5% as per the latest published GDP data of Dec-06. Somewhat coincidentally perhaps, the economies that crossed $1t-rillion mark mostly had positive equity markets in a year after they first crossed the level, even though some may want to partly attribute the "coincidence" to the halo effect on inflows created by reaching such a milestone.
| The trillion-dollar club | ||
| Country | GDP in Dec '06 ($ billion) | First crossed $1-trillion mark on |
| United States | 13,458 | 31/12/1969 |
| Japan | 4,464 | 31/12/1980 |
| Germany | 2,890 | 31/12/1987 |
| China | 2,554 | 31/12/1998 |
| United Kingdom | 2,358 | 30/09/1990 |
| France | 2,227 | 31/12/1989 |
| Italy | 1,841 | 31/03/1990 |
| Spain | 1,217 | 31/12/2004 |
| Canada | 1,273 | 31/12/2005 |
| Brazil | 1,067 | 29/09/2006 |
| Russia | 975 | N/A |
| India * | * 1000 | 25/04/2007 |
*-only India's GDP numbers are not as of Dec-06 but as of Mar-07 and using the most recent exchange rate.
Source: Credit Suisse estimates
Combined NRI wealth more than India's GDP
- The combined wealth of the 20-million strong non-resident Indians community is estimated to be over $1 trillion dollars -- more than the country's entire economy.
- Overseas Indians are estimated to hold financial wealth, apart from real estate, gold and art, of over $500 billion. The total wealth would be over $1 trillion, according to the report by High-Powered Expert Committee appointed by the Centre to suggest ways to make Mumbai an international financial centre
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