On April 2, 2023, Kirti Azad, the leader of the All India Trinamool Congress and a known propagator of fake news, took to Twitter to share a picture claiming that India will become poorer than Bangladesh by 2025. The picture also suggests that India’s future has been put at stake under the leadership of Prime Minister Narendra Modi and that the country is no longer a developing nation. Azad’s alarming tweet has stirred up quite a buzz on social media.
So, is it true that India will become poorer than Bangladesh by 2025? Let’s Fact Check.
Fact Check
During our research, we first go through the International Monetary Fund Official website to know the IMF Chief and MD Kristalina Georgieva’s views on the Indian economy. During this, we came across a press release published on February 25, 2023. Despite the recent claims made by Kirti Azad about India’s economic outlook, Georgieva’s comments paint a much brighter picture. In this press release, IMF Chief and MD Kristalina Georgieva said that India is a relative bright spot and an important engine of growth for the world economy representing 15 percent of global growth in 2023.
Moreover, we also find some videos of the IMF Chief and MD applauding India’s fast growing economy and growth on YouTube on several occasions.
In addition to the above reports, data from Statista provides further insight into the Indian and Bangladesh economies. According to Statista, India’s current GDP is around 3.3 trillion dollars, and it is expected to rise to 3.82 trillion dollars by the end of 2023. In contrast, Bangladesh’s current GDP is around 463 billion dollars, and it is expected to reach 484.76 billion dollars by the end of 2023. Hence, these figures provide a clearer picture of the economic disparity between the two countries.
To add to the discussion of the Indian and Bangladesh economies, it is worth noting that India’s foreign exchange reserve is significantly larger than Bangladesh’s entire GDP. According to available data, India’s forex reserve stands at an impressive 578.78 billion dollars, while Bangladesh’s total GDP is around 463 billion dollars. This demonstrates the vast difference in economic scale between the two countries.
Moreover, it is crucial to note that comparing the nominal GDP of one country with another can be misleading. The value of one dollar varies across different countries, as the cost of living and the prices of goods and services differ from place to place. For this reason, analysts often use GDP based on purchasing power parity (PPP) when making comparisons between countries. However, in terms of PPP-based per capita GDP also, India is way ahead of Bangladesh. According to World Economics data, India’s per capita GDP at PPP is around $11,233, while Bangladesh’s per capita GDP at PPP is around $8,903.
So, all these points prove that the claim India will become poorer than Bangladesh by 2025 is misleading and has no substantial evidence. India is way ahead of Bangladesh in every aspect whether that is growth, GDP, Forex reserve, and Per Capita GDP at PPP.
| Claim | TMC leader Kirti Azad |
| Claimed by | India will become poorer than Bangladesh by 2025 |
| Fact Check | False and Misleading |
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