MUMBAI , Every year, politicians and media celebrate India being the 'fastest growing major economy.' Every year, they ignore the fact that we're growing from an abysmally low base. Every year, they forget that being the fastest doesn't mean being the best.
Here are the facts: India's GDP per capita is $2,380. The USA's is $76,398. That's a 32-fold difference. China's is $12,556, 5 times higher than India's. Even Bangladesh's is higher at $2,621. But we celebrate. We celebrate being 'fastest growing' while ignoring that we're still among the poorest.
Dr. Raghuram Rajan, former RBI Governor, explains: 'Growth from a low base is easy. A child grows faster than an adult, but the adult is still taller. India is the child. We're growing fast, but we're still small. And we're celebrating growth while ignoring that we're still poor.'
The numbers tell a different story. While India's GDP grows at 7%, the USA's grows at 2%. But 7% of $2,380 is $166.6. 2% of $76,398 is $1,527.96. In absolute terms, the USA adds more to its GDP per capita in one year than India does in nine years. But we celebrate. We celebrate being 'fastest growing.'
The delusion doesn't stop there. We celebrate job creation while ignoring that 90% of jobs are in the informal sector, no security, no benefits, no future. We celebrate foreign investment while ignoring that most of it goes to a few companies owned by a few families. We celebrate 'Make in India' while ignoring that we import more than we export.
But here's the brutal truth: GDP growth doesn't mean development. GDP growth doesn't mean prosperity. GDP growth doesn't mean people are better off. What matters is GDP per capita. What matters is how much each person earns. What matters is whether people can afford food, healthcare, education, and a decent life.
And by that measure, India is failing. 270 million people live in poverty. 43% of children are malnourished. 21% of the population can't read or write. But we celebrate. We celebrate GDP growth while ignoring human development.
The solution is not in celebrating growth. It's in ensuring that growth reaches everyone. It's in creating real jobs, not just numbers. It's in building infrastructure, not just announcing projects. It's in educating people, not just building schools. It's in the hard work of development, not the easy work of celebration.