India and Bangladesh are among the fastest-growing major economies in the world. However, due to recent turmoil in Bangladesh politics, there is uncertainty over whether Bangladesh can maintain its growth momentum. Here is how the economies of two countries have performed in the last two decades.
GDP at current prices: Data from the IMF shows that the size of India’s GDP at current prices is $3.94 trillion in 2024. This is nearly nine times more than the size of the Bangladeshi economy valued at $455 billion. Since 1980, India’s GDP has posted a jump of over 21 times from $186 billion in 1980, while Bangladesh’s GDP has surged over 18 times from $25 billion in 1980 to $455 billion in 2024.
In the last 10 years, the size of the Indian economy has increased 93% from $2.04 trillion in 2014 to $3.94 trillion. On the other hand, the Bangladesh economy rose 120% in this duration from $207 billion in 2014.
From 2004 to 2014, India’s GDP surged 188% from $709 billion to $2.04 trillion; in comparison, Bangladesh’s GDP grew 168% in that period from $77 billion in 2004 to $207 billion in 2014.
GDP per capita at current prices: At $2,731, the per capita GDP of India is slightly higher than Bangladesh’s per capita GDP of $2,646 in 2024.
However, in 1980, Bangladesh had a per capita income of $311, which was 17% more than the Indian per capita GDP of $267. Since 1980, Bangladesh’s per capita income has surged over 8 times. While India’s per capita income increased over 10 times.
In the last 10 years, India’s per capita income has increased 75% from $1,560 in 2014 to $2,731. On the other hand, Bangladesh’s per capita income rose 97% in this duration from $1,340 in 2014 to $2,646.
While from 2004 to 2014, India’s per capita income gained 150% from $624 in 2004 to $1,560 in 2014; in comparison, Bangladesh’s per capita income grew 138% in that period.
General government gross debt (per cent of GDP): In 2024, gross debt on the Indian government as a per cent of GDP stands at 82.5%, while Bangladesh has 41.4% government debt.
In 2004, India had 85% debt, while Bangladesh had 37% debt. From 2004 to 2014, India’s government debt has decreased from 84.9% to 67.1%, while the Bangladesh government’s debt declined to 29% from 37%.
In the next decade from 2014 to 2024, India’s debt has surged to 82.5% in 2024 from 67.1% in 2014. Similarly, Bangladesh’s government debt increased to 41.4% from 28.7%.
Exports: World Bank data showed that India is the world’s tenth largest exporter, with exports valued at $777 billion in 2023. On the other hand, the total value of exports from Bangladesh stands at $57.5 billion. Indian exports are over 13 times higher than Bangladesh.
Bilateral trade: CMIE data shows that over the past decade, trade between the two nations has surged by 165%, reaching Rs 1.07 lakh crore.
India’s imports from Bangladesh in the last decade jumped 426% to Rs 15,268 crore in FY24. India’s major imports from Bangladesh in FY24 were readymade garments worth Rs 4,932 crore, followed by textiles Rs 2,697 crore, and engineering goods Rs 2,140 crore.
On the other hand, the value of India’s total exports to Bangladesh in FY24 scaled at Rs 91,614 crore, increasing 145% in the last 10 years. India’s major exports are textile materials with a worth of Rs 17,817 crore, which include yarns, fabrics, and made-ups. While engineering goods (Rs 16,837 crore) and chemicals & related products (Rs 8,977 crore) were among other major exports.