Latest news with #Maddison
Indian Express
3 days ago
- Business
- Indian Express
India may soon become the third-largest economy in the world. But there is more to it
In a bout of professional enthusiasm, the chief executive officer of NITI Aayog, the Union government's policy body for transforming India, announced that the Indian economy had overtaken Japan to become the world's fourth-largest economy, following the USA, China and Germany. He jumped the gun because, as NITI Aayog member Arvind Virmani pointed out, this is likely to happen a few months down the road. With a nominal GDP of $4.187 trillion, India is set to move ahead of Japan's GDP of $4.186 trillion by the end of 2025. However, as many have pointed out, the vast gap between Japan's per capita GDP of $33,900 and India's per capita GDP of $2,880 sets the two apart. India remains a low-middle-income economy, a developing economy with a modest per capita income but demographics that will sustain the growth process. Japan is a developed, if an ageing, industrial and trading power. The sustained growth of the Indian economy over the past three decades, with its ups and downs, has, without doubt, slowly but surely increased the size of the economy. Way back in July 1991, the then finance minister of India, Manmohan Singh, told Parliament, prefacing his forecast with Victor Hugo's famous words that 'no power on Earth can stop an idea whose time has come', that the emergence of India as a major economic power in the world happens to be one such idea. It became an idea that gained international recognition a few years later when the British historian Angus Maddison published his masterly survey of the world economy pointing to the resurgence of China and India. Maddison's classic study of The World Economy (OECD, 20023) made the point that in 1700, China and India accounted for almost half the world income and that two centuries of colonialism, combined with the fact that the Industrial Revolution had occurred mainly in Europe, contributed to the decline of these ancient and large Asian economies. The Maddison study kindled hope in Asia that China and India were on the way to recover their lost space in the global economy and that the 21st century would once again be an Asian century. Since China was by then rising at a faster pace, it overtook Japan in 2010. This event happened soon after the transatlantic financial crisis (usually referred to as the global financial crisis), of 2008-09. The crisis had helped China overtake Japan and Europe and reduce the gap with the USA. It created a global flutter and marked the turning point in China's global rise. It is instructive to recall that in 2010, China overtook Japan when Japan's GDP was still $5.474 trillion. China's emergence as the world's second-largest economy sent Japan into a funk. Japan had already lived through a decade of low growth and low expectations, and China overtaking it became a wake-up call. It would not be incorrect to speculate that the return of Shinzo Abe as prime minister of Japan in 2012 (his first term of 2006-07 was truncated by poor health) was partly on account of Japan's yearning for a strong and charismatic leader focused on economic revival. Abe began his second tenure launching the 'three arrows' programme that came to be known as 'Abenomics' — of aggressive monetary easing, liberal fiscal policy and structural reforms aimed at enhancing productivity and growth. This gave Japan hope that, despite being pushed to third place by China, it could still remain a globally important economy. The exit of Abe, followed by a string of lacklustre leadership and the challenges posed by the return of President Donald Trump, have depressed Japan once again. To add to its woes, Germany recently overtook Japan, becoming the third-largest economy, pushing Japan to fourth place. Germany, too, has been slowing down, and so Japan and Germany could see themselves swapping places from time to time, depending on their relative performance. Also, recall that China overtook a still-growing Japan, India is overtaking a slowing Japan and a slowing Germany. It is against this background that news has come from the International Monetary Fund that India is now poised to overtake Japan. It is interesting to note that while there was much hand-wringing and widespread concern in Japan when China overtook it, the news about India has not made any impact in Japan. There was, according to my friends in Japan, little news coverage and no expression of any concern. This could be on account of the fact that while China is viewed as a challenge in Japan, India is viewed as an opportunity. Good diplomatic and economic relations have, in part, contributed to a benign response in Japan to the news of India's rise. Equally, the fact that India in no way poses any challenge to Japan, either as an economic competitor or as a geopolitical rival, would also explain the subdued reporting of the IMF news. When China overtook Japan, the former was viewed as a significant competitor in the global market as well as a geopolitical rival. Export-dependent Japan viewed with concern the rise of China as a global trading power. India, on the other hand, is still not viewed as a competitor in the trading world, much less a geopolitical rival. It is still possible that exchange rate changes, new challenges in global trade and seasonal performance of the three economies — India, Japan and Germany — may keep the rank race alive for some time. After all, the gap between the three is not much. If the Indian economy forges ahead over the next few years and crosses the $5 trillion mark, it would place some distance between itself and Japan and Germany. If not, these rankings could keep changing. What is, however, certain is that once India clearly establishes itself as the third-largest economy, it will remain in that place for a long time to come, given the distance it has to travel to catch up with China, whose nominal GDP is currently around $18 trillion. With the US and China in a race for economic space and geopolitical influence, India's best bet would be to focus on its own economic performance and ensure that it is able to sustain an inclusive growth process that makes the economy more competitive and improves peoples' lives. The writer is founder-trustee, Centre for Air Power Studies and distinguished fellow, United Service Institution of India
The Sun
4 days ago
- Entertainment
- The Sun
Reality star welcomes first child and reveals unusual name four months after getting engaged
EX On The Beach star Sam Reece has welcomed his first child with his fiance Maddison. Sam, who got engaged just four months ago, shared the happy news on Instagram on Thursday and revealed his son's very unusual name. 2 2 The former TV star, 32, shared a sweet black and white photo of him and his partner tenderly holding their newborn's hand. In the announcement post, Sam wrote: " Indi Seven Eckhardt. 28th May 2025 3:43am. "Our hearts are forever changed - we welcomed our perfect son into the world in the calmest, most surreal way." He added: "Sam continued: "There's nothing quite like the magic of birth. "A woman's body, creating life... it's powerful, raw, and utterly unbelievable. "We are so in love." The hunk went on to star in Ex on the Beach and Real Housewives of Cheshire, before turning his back on fame and becoming a hairdresser in a salon. He recently got engaged to his long-term girlfriend, Maddison and the same day announced that they will soon welcome the pitter-patter of tiny feet. Sam Reece meets new girlfriend's parents on Real Housewives of Cheshire Sam announced his happy news on Instagram, posting a photo of their hands. On Madisson's is a beautiful diamond ring and the photo captioned " What a day!", went out to all 144k of his followers. The star also shared a photo of his fiance sporting a baby bump, captioned, "We can't wait to meet you." But the former model and reality TV star wasn't always so lucky in love. He went on to secure roles in Real Housewives of Cheshire and Ex on the Beach. Viewers will remember that Stephanie Davis did the dirty on him with Jeremy McConnell in the Celebrity Big Brother house. He became popular with the ladies after he whipped off his top on the Real Housewives of Cheshire. Sam then dated Real Housewives of Cheshire star Dawn Ward's daughter Taylor. The couple looked happy as he met her millionaire parents for the first time. But their romance was quickly over and Sam tweeted at the time they had broken up, he said: 'Unfortunately me and Taylor Ward have called an end to our relationship.. However moving forward, we will remain good friends."
Daily Mail
5 days ago
- Entertainment
- Daily Mail
Ex On The Beach star welcomes first child and reveals baby boy's very unusual name
Sam Reece has welcomed his first child with his fiancée Maddison. The Ex On The Beach star, 32, shared the happy news to Instagram on Thursday and revealed his baby boy's very unusual name. He uploaded an adorable black and white photo of himself and his partner holding the newborn's hand to announce his birth. Sam wrote: 'Indi Seven Eckhardt. 28th May 2025 3:43am. 'Our hearts are forever changed - we welcomed our perfect son into the world in the calmest, most surreal way.' From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new Showbiz newsletter to stay in the loop. Sam continued: 'There's nothing quite like the magic of birth. A woman's body, creating life... it's powerful, raw, and utterly unbelievable. We are so in love.' The hairdresser, first hit headlines when he was forced to watch his ex Stephanie Davis cheat on him with Jeremy McConnell on Celebrity Big Brother in 2016. Moving on from his heartbreak, the reality star continued to document his failed romances on TV shows such as Ex On The Beach and Real Housewives of Cheshire. However, he has now found love with Maddison, with the duo announcing their engagement in December last year. In an Instagram post at the time, he shared a photo of a diamond ring on his wife-to-be's hand and wrote: 'WHAT A DAY.' back in 2016, Sam had been dating Stephanie for just over a year when the then 23-year-old actress entered the Celebrity Big Brother house. He was forced to watch as she cheated on him with another man, watched by the whole nation. Sam told MailOnline at the time: 'What's happened has happened, but good luck to them both.' The model went on to scoop a role on Emmerdale, which came about after he sent ITV producers a three-line audition clip. Sam revealed his role in the soap came about completely unexpectedly, admitting he doesn't even have an acting agent. He told MailOnline: 'I'd never had a speaking part [on TV] before. My modelling agent called me up and said there was a part going in Emmerdale and he wanted me to send over a casting tape.' Sam has now traded the limelight for a quieter life working as a model and a hairdresser.
Leader Live
6 days ago
- Sport
- Leader Live
James Maddison backs Ange Postecoglou amid speculation over Spurs boss' future
The 28-year-old midfielder backed his head coach after seeing his qualities at close hand as he inspired his side to Europa League glory courtesy of a 1-0 final victory over Premier League rivals Manchester United in Bilbao. Speaking at his invitational charity golf event at the Centurion Club, Maddison told Sky Sports: 'He's a man who's always had success and to be fair, his biggest strength is his self-belief in what he does and that feeds off on to us and that's been installed into us in Europe this year. 'In all the away games and even in all the ones early in the group stages and the round of 16 – we had a really bad performance away at AZ Alkmaar, and he went heavy on us because you just know he's a winner, and then we turned it around second leg and we're in the quarters. 'Every step, we got closer and closer and we believed more and more and now we're winners and no one can ever take that away from him.' Maddison added: 'He's been brilliant. Even at the start of the season saying, 'I don't usually win things, I always win things', it's one of them. 'We knew that would create a big uproar in the media with you lot never shutting up about it. To be fair, never once did I stop believing that he meant that.' Postecoglou admitted he has found it 'weird' that he was under pressure after ending the club's 17-year wait for a trophy, although a 17th-placed league finish prompted questions, despite his admission that he turned his focus to Europe as the campaign progressed. However, he also received support from midfielders Lucas Bergvall and Archie Gray at the same event. Asked if he wanted him to stay, Bergvall said: 'A hundred per cent, I think he's done a great job. 'It's not been easy for any of us, especially because of all the injuries, but as he said, he always wins things in his second year and that's true.' Gray was equally unequivocal when asked if Postecoglou deserved another season at the helm. "It's been a season worth while" 🏆 Tottenham Hotspur midfielder Archie Gray reflects on his move to North London and Europa League glory. — Sky Sports News (@SkySportsNews) May 27, 2025 He said: 'Yes, definitely. It's been a great season this year and it's been a roller coaster of a season as well, not just at the end. 'We've obviously had some really tough times and we stuck together. He's big on things like family and I think the main thing that helped us get to the final and win the final is our morals of what we're like as a team. 'Like I said, family is our main thing. We believe in each other and it's like brothers going out there on the pitch in the final and we just fought for each other.'
The Advertiser
7 days ago
- Sport
- The Advertiser
Spurs star trio back Postecoglou amid job speculation
James Maddison has thrown his weight behind "winner" Ange Postecoglou as speculation over the Tottenham boss' future continues. The 28-year-old midfielder backed his head coach after seeing his qualities at close hand as he inspired his side to Europa League glory courtesy of a 1-0 final victory over Premier League rivals Manchester United in Bilbao. Speaking at his invitational charity golf event, Maddison told Sky Sports: "He's a man who's always had success. His biggest strength is his self-belief in what he does and that feeds off on to us and that's been installed into us in Europe this year. "In all the away games and even in all the ones early in the group stages and the round of 16 - we had a really bad performance away at AZ Alkmaar, and he went heavy on us because you just know he's a winner, and then we turned it around second leg and we're in the quarters. "Every step, we got closer and closer and we believed more and more and now we're winners and no one can ever take that away from him." Maddison added: "He's been brilliant. Even at the start of the season saying, 'I don't usually win things, I always win things', it's one of them. "We knew that would create a big uproar in the media with you lot never shutting up about it. Never once did I stop believing that he meant that." Postecoglou admitted he has found it "weird" that he was under pressure after ending the club's 17-year wait for a trophy, although a 17th-placed league finish prompted questions, despite his admission that he turned his focus to Europe as the campaign progressed. However, he also received support from midfielders Lucas Bergvall and Archie Gray at the same event. Asked if he wanted him to stay, Bergvall said: "A 100 per cent, I think he's done a great job. "It's not been easy for any of us, especially because of all the injuries, but as he said, he always wins things in his second year and that's true." Gray was equally unequivocal when asked if Postecoglou deserved another season at the helm. He said: "Yes, definitely. It's been a great season this year and it's been a rollercoaster of a season as well, not just at the end. "We've obviously had some really tough times and we stuck together. He's big on things like family and I think the main thing that helped us get to the final and win the final is our morals of what we're like as a team. "Family is our main thing. We believe in each other and it's like brothers going out there on the pitch in the final and we just fought for each other." James Maddison has thrown his weight behind "winner" Ange Postecoglou as speculation over the Tottenham boss' future continues. The 28-year-old midfielder backed his head coach after seeing his qualities at close hand as he inspired his side to Europa League glory courtesy of a 1-0 final victory over Premier League rivals Manchester United in Bilbao. Speaking at his invitational charity golf event, Maddison told Sky Sports: "He's a man who's always had success. His biggest strength is his self-belief in what he does and that feeds off on to us and that's been installed into us in Europe this year. "In all the away games and even in all the ones early in the group stages and the round of 16 - we had a really bad performance away at AZ Alkmaar, and he went heavy on us because you just know he's a winner, and then we turned it around second leg and we're in the quarters. "Every step, we got closer and closer and we believed more and more and now we're winners and no one can ever take that away from him." Maddison added: "He's been brilliant. Even at the start of the season saying, 'I don't usually win things, I always win things', it's one of them. "We knew that would create a big uproar in the media with you lot never shutting up about it. Never once did I stop believing that he meant that." Postecoglou admitted he has found it "weird" that he was under pressure after ending the club's 17-year wait for a trophy, although a 17th-placed league finish prompted questions, despite his admission that he turned his focus to Europe as the campaign progressed. However, he also received support from midfielders Lucas Bergvall and Archie Gray at the same event. Asked if he wanted him to stay, Bergvall said: "A 100 per cent, I think he's done a great job. "It's not been easy for any of us, especially because of all the injuries, but as he said, he always wins things in his second year and that's true." Gray was equally unequivocal when asked if Postecoglou deserved another season at the helm. He said: "Yes, definitely. It's been a great season this year and it's been a rollercoaster of a season as well, not just at the end. "We've obviously had some really tough times and we stuck together. He's big on things like family and I think the main thing that helped us get to the final and win the final is our morals of what we're like as a team. "Family is our main thing. We believe in each other and it's like brothers going out there on the pitch in the final and we just fought for each other." James Maddison has thrown his weight behind "winner" Ange Postecoglou as speculation over the Tottenham boss' future continues. The 28-year-old midfielder backed his head coach after seeing his qualities at close hand as he inspired his side to Europa League glory courtesy of a 1-0 final victory over Premier League rivals Manchester United in Bilbao. Speaking at his invitational charity golf event, Maddison told Sky Sports: "He's a man who's always had success. His biggest strength is his self-belief in what he does and that feeds off on to us and that's been installed into us in Europe this year. "In all the away games and even in all the ones early in the group stages and the round of 16 - we had a really bad performance away at AZ Alkmaar, and he went heavy on us because you just know he's a winner, and then we turned it around second leg and we're in the quarters. "Every step, we got closer and closer and we believed more and more and now we're winners and no one can ever take that away from him." Maddison added: "He's been brilliant. Even at the start of the season saying, 'I don't usually win things, I always win things', it's one of them. "We knew that would create a big uproar in the media with you lot never shutting up about it. Never once did I stop believing that he meant that." Postecoglou admitted he has found it "weird" that he was under pressure after ending the club's 17-year wait for a trophy, although a 17th-placed league finish prompted questions, despite his admission that he turned his focus to Europe as the campaign progressed. However, he also received support from midfielders Lucas Bergvall and Archie Gray at the same event. Asked if he wanted him to stay, Bergvall said: "A 100 per cent, I think he's done a great job. "It's not been easy for any of us, especially because of all the injuries, but as he said, he always wins things in his second year and that's true." Gray was equally unequivocal when asked if Postecoglou deserved another season at the helm. He said: "Yes, definitely. It's been a great season this year and it's been a rollercoaster of a season as well, not just at the end. "We've obviously had some really tough times and we stuck together. He's big on things like family and I think the main thing that helped us get to the final and win the final is our morals of what we're like as a team. "Family is our main thing. We believe in each other and it's like brothers going out there on the pitch in the final and we just fought for each other."
