Sunday, October 29, 2023

Let us feel developed.

"India is estimated to be a $30 trillion developed economy by 2047, preliminary results from the Centre's vision document which is being prepared have shown, Niti Aayog CEO BVR Subramaniam said." TOI. "India is currently estimated to be the fifth largest economy with a GDP of $3.7 trillion." "India, the world's fifth largest economy in the world, is likely to overtake Japan to become the world's third-largest economy with a GDP of $7.3 trillion by 2030, S&P Global Market Intelligence said in its latest issue of PMI." ET. As of 2022, the US was the top economy with a GDP of $25.5 trillion, China second with $18.0 trillion, Japan $4.2 trillion and Germany $4.1 trillion. Investopedia. So, the Indian economy is expected to multiply by 8 times within just 24 years. Although certain states in India allow the ingestion of certain cannabis products, cannabis is generally banned in India. "The central law that deals with cannabis (weed or marijuana) is the Narcotics Drugs and Psychotropic Substances Act, 1985(1)." "In general, in India, possession of these drugs is considered a criminal act and can get you in legal serious trouble." TOI. In the US, "Today, support for marijuana legalization has become mainstream among Democratic politicians" and "several marijuana-related bills - including those aiming to decriminalize it on the federal level - have been introduced in Congress. USA News. Nobody has been arrested recently for possession of marijuana. The US is not talking of doubling its economy in the next 24 years, let alone multiplying it 8 times. "In terms of per capita income, India is at $2,500. Singapore was at $2,500 around 1975, South Korea in about 1985, and China got there around 2006. While South Korea and Singapore are now both developed, China is not," wrote Salman Anees Soz. "In the case of Singapore and South Korea, economic growth declined in each decade after the two countries crossed the $2,500 per capita income mark. In China, growth has declined especially sharply since hitting that milestone." "It turns out that getting from $1,000 per capita to $10,000 is much more of a multifaceted challenge than getting from $100 to $1,000, which relies on using low labor costs and putting more people to work," wrote Rahul Jacob. "India now has public debt at 83% of GDP and combined fiscal debt (states and Centre) in double digits, among the highest fiscal deficits in Asia." Slowing global growth, falling foreign direct investment (FDI) and poor health and education outcomes are other impediments. "In recent years, much of the heavy lifting to drive it ahead has been done by outsized government spending. Private investment was expected to join the game (or get 'crowded in'), but a prolonged slump that's proving too slow to reverse has left the economic momentum at risk of flagging off." Mint. Better to legalize cannabis. We will feel highly developed. And happy.  

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