Indeed they do. India — despite its globally prominent outsourcing industry, its well-educated, English-speaking middle class and its comparatively large number of billionaires — is still a poor country. Anyone who has seen “Slumdog Millionaire” can attest to that. In fact, with 1.2 billion people, its economy, at official exchange rates, is smaller than Canada’s, which has a population of 33.5 million.
Even looking at the economy on a purchasing power basis, which provides what many economists consider a fairer comparison between developed and developing nations, India’s gross domestic product is only one-sixth the size of the U.S. economy.
“Forty percent of our fresh fruit and vegetables perish before reaching consumers,” Mr. Mitra said. “We waste more fruits and vegetables than are consumed throughout Britain.”
Enthusiasm, Tempered With Concern, About Business in India. By Tom Redburn. Published: IHT, July 8, 2009
