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Reason: we are starting at 4Tr base. Almost 8 times smaller than the US's. If we go into per capita: India's per capita is 31 times less. When China was our size, it grew in double digits for over a decade. 2) When it comes to disposable income: India ranks around 140th (disposable income per capita is around 3000$) India: huge market, with very little discretionary/disposable income. In simple words: we have a huge population. But, very few can afford high quality things. 3) This is one of the reasons why India puts significant luxury taxes even things like ACs. When people witness such stupidity, anyone who can leave, leaves. 4) India ranks #1 in net millionaire migration (NMM) * NMM (number of millionaire leaving divided by number of millionaires there are in India) for 2024 is the highest in the world for India 5) In remittances India ranks #1 in the world. Indians are smart/hardworking, they go abroad, work, make money and send it back "home". I don't know if this is a healthy sign or something to be proud of. 6) To accelerate our economy we need to spend money on: Innovation, Healthcare, Education India's spent on education and healthcare (lags the global averages) this again is a fact. Last but not the least: we have a massive incentive problem -- Civil servants who are supposed to make public schools better, send their own kids to private schools. Politicians who are supposed to formulate better & (long-term) economics policies change their kid's citizenships. Civilians/Media who are supposed to ask the right questions: keep doing fake whatsapp forwards. And, keep harping on 40Tr$ economic narrative.
https://x.com/Akshat_World/status/1951173496337301678