And even though market cap should NOT be compared with a country's GDP, the company's market cap (total number of outstanding shares X share price) = $4.42 trillion > $4.15 trillion GDP of India
And this is only 1 Big Tech. If I add the earnings of the following BigTech
Meta = $225 billion (Mkt Cap = $1.5 trillion)
Microsoft = $310.8 billion (Mkt Cap = $3 trillion)
Amazon = $726 billion (Mkt Cap = $2.8 trillion)
Apple = $576 billion (Mkt Cap = $4 trillion)
Total = $1.84 trillion which is 125% greater than India's exports (Merchandise Exports + Services Export = $821bn) and 45% of India's yearly GDP
Let's look at how many people each of these employ
Google = 190k
Meta = 75k
Microsoft = 228k
Amazon = 1600k
Apple = 164k
Total = 2.2M
⇒ so 2.2M people help generate $1.84 trillion = $836,000 per person
In India, 46% of 1.5 bn = 69 cr people (690M people = 313 times BigTech) employed in agriculture, produce $726M in revenue
⇒ so 690M people help generate $726M → $1.05 per person
The worrying thing is GOI is busy incentivizing agriculture, low gdp per capita professions, using tax payers money to fund revadis, under investing in infrastructure, technology, education, knowledge economies, etc.
As economies develop their agricultural population reduces in favor of manufacturing which also reduces in favor of technology later on. In India, it is going in reverse. Over the last 4 years, the population employed in agriculture has gone up (thank 0% agricultural income tax).
It is one thing to say that India doesn't have the oil. Yes India doesn't have oil but to produce $2tn in wealth, the US didn't need oil.
India has one thing going for it → its top graduates are exceptionally talented → try incentivizing them more proportionally and make India a better, happier, safer place to live and work so that these knowledge workers, currently leaving to the UAE, the US, the UK, stay back in India and generate/create wealth in India itself.
Instead, the GOI has forever incentivized agricultural income ⇒ tax free (Suhana Khan says "yayy"). Any smart person would know which sector to incentivize and/or in what proportion and how to incentivize the knowledge workers so that the marginal benefit starts accruing much better and faster.
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If i would have been BJP, I would have made the salary of anyone employed in Technology, direct tax free to incentivize them to come back to India and create/generate employment opportunities. But alas, none of this is happening for the next 100 years atleast. The ladki bahin, the ladli behnas, the nikamma bawra, the bewada pati, the sathiyayi amma, the ladaku sasur, the berojgar chacha etc. yojanas are the priority, not education, knowledge workers.
PS: India's "freebies budget" is approximately $120 billion, while the education budget is far lower at $14 billion and R&D at $17 billion (1/10th the number)