Is India really richer than Singapore? A finfluencer breaks down the myth

India may be climbing the global GDP charts, but its average citizen remains far from wealthy, argues Wisdom Hatch founder Akshat Shrivastava in a post on X.

“India is ranked 4th on GDP. But Singapore is ranked 27th. So is India richer than Singapore?” asks Shrivastava. He then dismantles the illusion.

By 2047, India is projected to become a $40 trillion economy and achieve developed nation status — “a matter of great celebration,” he acknowledges. Yet Shrivastava points to an overlooked metric: GDP per capita. “India ranks around 140th,” he notes. “No one seems to even talk about this number (like ever!).”

This disparity, he argues, exposes a core flaw in India’s economic structure — a heavy reliance on domestic consumption rather than exports. “For decades we have run a trade deficit, not a trade surplus,” Shrivastava writes. In contrast, he highlights Singapore’s 2021 trade surplus of $126 billion, nearly 32% of its GDP.

He points to historical patterns: “Japan, Germany, China — all run trade surpluses. The U.S. is the only exception, but they hold the reserve currency. They can print their fake money and buy real goods from the world… and still not cause a panic.”

His broader thesis is clear: “I don't know if a country can truly become rich without running a trade surplus,” Shrivastava states. History backs him, he says, recalling India’s dominance of global trade for centuries as a net exporter of finished goods.

But his aim isn't to spark nationalism — it’s to foster critical thought. “Economics is complex,” he writes.