india vs united states economy

India vs United States Economy 2022

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India vs United States economy 2022

Intro.

India vs  United States economy topic is the favorite topic in today’s world. The United States is the current economic power of the world. India is the next decade’s economic superpower.

india vs united states economy
India vs United States economy

The United States economy is a competitor of both Indian and Chinese economies. In today’s world, every country in the world has eyes on India and the USA economy. India is an emerging and fastly developed economy nowadays.

We will discuss the comparison of India’s and china’s economies in the next article. In this article, we will shortly discuss the comparison of the Indian and the united states economy. 

Economic categories of India and the United States

If we talk about the Indian economy category, We can see that the Indian economy is a developing and emerging economy. Indian economy is also a lower middle-income economy. Meanwhile United States economy is a developed and advanced economy, also a high-income economy country. 

The population of India and the United States

In any country’s economy, the population affects the whole country and the country’s economy. The population of India is around 1.4 billion. Indian population is ranked 2nd in the world. 1st rank is china which has a 1.45 billion population. The united states population is 332,765,300 in the year 2022.

The GDP of India and the United States

The United States’ total GDP is $25 trillion in the year 2022.  Meanwhile, the Indian GDP will be $3.5 trillion in the year 2022. If we see the stats of GDP rank of both countries, we see that the United States GDP rank is 1st in the world.

The GDP rank of the Indian economy is 5th in the world countries. The GDP growth rate matters a lot in any country’s economy. If we see the stats of GDP rank of both the United States and India, we see that the GDP growth rate of the United States is 2.5% in the year 2022.

On the other hand, the GDP growth rate of the Indian economy is 7.5% in the year 2022. We see that the Indian GDP growth rate is very high compared to the United States GDP growth rate. The GDP per capita in the United States is $75,000 in the year 2022.

Likewise, the GDP per capita in India is $2,500 in the year 2022. United States GDP per capita is far most high compared to the Indian GDP per capita. United States GDP per capita rank is 8th in the year 2022.

The GDP per capita rank of India is 142nd in the year 2022. So the rank of GDP per capita is very high in the united states compared to the Indian GDP per capita rank.

Other stats of India and the united states economy  

Let’s talk about the inflation rate in the India and united states, we see that the inflation rate in the United States is 9% which is considered a very high inflation rate. Likewise, the inflation rate in India is 7% which is low compared to the united states inflation rate.

If we see the stats of the population below the poverty line stats, we see that 0.5% of the United States population lives below the poverty line. On the other hand, 6% of the Indian population lives below the poverty line. Unemployment is the biggest problem in any economy.

So we see the stats of unemployment rates of the united states and India, we see that the unemployment rate in the united states is 3.5%. The unemployment rate in India is 7% in the year 2022. We can easily see that the unemployment in India is far high compared to the united states unemployment rate. 

USA Vs INDIA Economy Comparison

USA (Billion $) India (Billion $)
GDP 24000 3500
Education 68 6
IT 400 178
Defence 773 68
Health 4100 10
Imports 3000 612
Exports 2500 421

Main industries in India and the United States

Industries play a vital role in any country’s economy. If industries are developed and advanced, the country’s economy is also very advanced and developed. Likewise, the industries are not developed and advanced, and the economy of any country is not developed and advanced.

If we see the stats of industries of India and the united states, we can easily see that the industries of the united states are very advanced and developed.

The industries of India are less developed and advanced compared to the industries of the united states. So main industries in India are Textile, chemicals, food products, agriculture products, petroleum, iron, machinery, information technology, and many other industries.

Likewise, the United States’ main industries are petroleum, steel, aerospace, chemicals, food products, information technology, mining, and others. 

Imports and exports of India and the united states

The United States exports are $2.5 trillion in the year 2022. United States’ main exports goods are agriculture products, mining, fuels, and others. Main export partners of the united states are the EU, Canada, China, and others.

The imports of the united states are $3.5 trillion in the year 2022. Main imports goods of the united states are food products, fuels, mining, and others. The main import partners of the united states are China, European Union, Canada, Japan, and others. Likewise, the exports of India are $450 billion in the year 2022.

Main export goods of India are fuels, agriculture, mining, and others. So the main export partners of India are the united states, United Arab Emirates, Japan, and others. If we talk about India’s imports, we see that the imports of India are $615 billion in the year 2022.

Indian main imports products are agriculture, mining, machinery, and others. The main import partners of India are China, UAE, Saudia Arabia, the United States, and others.

Sources: Worldbank, IMF, Wikipedia, and more.

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