Basic Minimum Wage & Low cost of living:Assume, a foreigner getting a Basic Minimum Wage of $50K or 20lacs INR/annum in abroad and an Indian getting INR $6K or 2.4 lacs/annum in India. Both amounts are approximatley good to live in those respective countries. But a westerner could contribute 833% more to GDP in $ terms, for the same 8 hr job he does.
NRI: Earning in $$$s, working the same 8 hr job, exploit exploitory conversion rates of India. India is obligated to earn forex, to makeup BOP and to fulfill its (oil)Import obligation. Surprisingly shows some vulnerabilities to have tight conversion rates, unlike western countries that have a decent conversion rates, inspite of the similar situation.
Exporters: Not sure about their real/ direct contribution to India except Indirect ones, generating jobs and earning dollars for the country. (In)famous for supplying cheap goods and services to foreign countries for his nickels and dimes.
Importers: Oil, a major import item and a commodity consumed by one-and-all in India. Oil has a direct effect on all things that matter to everybody, every day, commodity cost, goods/passenger transportation cost and etc. It controls inflation, directly.
Value of Local currency in $ terms and Walmart: Indian retailer selling same kind and amount of goods that walmart sells, cannot earn same $ revenue. Its revenue would be several hundred times less(833% less, worst-case!).
Strong INR, buys more: India's GDP shooting up 833%(best-ca
