Billionaires and 103.1% GDP.

"There are various headlines coming in everyday from the Trump administration," and "There is chatter of a possibility of stagflation-like situation brewing in the US." "The Rupee has strengthened, following the dollar theme. From a low of 87.95 we are down to sub 86 levels." "Only if we see a big risk off move globally, we may see all time lows of 87.95 get threatened again," wrote Abhishek Goenka. The rupee is trading at just over 85.60 to one dollar this morning. xe.com. "India's Gross Domestic Product (GDP) has doubled in the last ten years," and according to the International Monetary Fund (IMF) "has seen 103.1% growth in GDP at current prices or nominal GDP." TOI. "Prime Minister Narendra Modi...said the World Bank has expressed confidence that India will continue to be the world's fastest growing economy in the coming years." ET. US President Donald Trump has promised reciprocal tariffs on India from 2 April (India Today), but policymakers here seem confident about avoiding any negative effects. That is because there is "A deep pessimism that Indian manufacturing will never be productive and efficient enough to compete on its own terms," and "may never be able to produce things more cheaply or with consistently higher quality than its peers," wrote Mihir Sharma. So, the hope is that Trump's tariffs will act "as an equalizer for its producers when compared to the rest of the emerging world." "According to the IMF, in 2024, India ranked 142nd out of approximately 190 countries, with a nominal per capita GDP of $2,700." And yet, "With 200 billionaires in 2024, according to Forbes magazine, India ranks third globally in its billionaire count." However, more than 50% of billionaires in India are from established business families and have inherited their wealth, not self made, wrote Arjun Jayadev & Advait Moharir. The greatest aspiration for 'Aspirational Young India' is to get a "government job, a coveted position of stability and security." "For a cohort not yet 30, an alarmingly large number reported fatigue, sleep issues, vitamin deficiencies, anxiety and mental health concerns, difficult menstrual health and debilitating hormonal fluctuations," wrote Mathangi Krishnamurthy & Rama Bijapurkar. However, they blamed their own lack of exercise or failure to stay healthy, showing a lack of faith or hope in the system. "India's latest trade data,..reinforces that the country's share in global merchandise exports continues to remain below what it was at the time of Independence, nearly 80 years ago. Overall, India's share in global goods exports has remained below 2% since 1950." The Print. "India's parallel economy gets a bad name." But Shankar Sharma says, "I love it. It's fantastic." "It keeps us afloat. It's how India weathers most global economic crises better than others - because the parallel economy does not fall as much as the real economy." BT. It also means that our vaunted moniker of the "fastest growing economy" is essentially based on 'jugaad', a 'quick fix' or 'hack' (blogs.lse) forced by a lack of money and resources. Doubled GDP and 200 billionaires resting on the jugaad of hundreds of millions in the parallel economy. No wonder they are not worried about Trump's tariffs. Even Trump can't tax nothing. Can he?