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India has been often liberally touted by the Western media, think tanks and fund managers as the next China and Indian stocks have been a top destination for them in the last 5-10 years. So, when the International Monetary Fund (IMF) in its World Economic Outlook for 2026 said that the country's ranking had slipped to 6th position from its fourth position earlier, in terms of nominal GDP, reality has finally sank in. 

What is of greater concern is that the per capita gross domestic product of Bangladesh, a country that hardly gets mentioned as an economic achiever, is higher than that of the supposedly star performer India. According to the data in IMF's World Economic Outlook published on 14 Apr 2026, Bangladesh's GDP per capita at current prices is estimated to be US$2,911 against India's US$2,812. In 2025, India's GDP per capita was US$2,675, marginally ahead of Bangladesh's US$2,635. However, Bangladesh was leading India in 2023 and 2024.

While the Western media, fund managers and think tanks may continue to laud India as among the largest economies in the world, the typical Indian remains poor by global and even by emerging economy standards. India fast GDP growth has simply not translated into higher incomes for hundreds of millions of ordinary Indians. While the Western media, fund managers and think tanks scoff at China's 5% GDP growth, it is real and does not have to rely on a fragile statistical foundation like that of India. Astute observers may notice that the Chinese government is never obsessed with whether China is the largest or second largest economy in the world. What should be of greater concern is the GDP per capita and the country's key macro-economic fundamentals.