Nestled between Australia and Hawaii in the Pacific Ocean, Tuvalu, comprising nine islands, emerges as one of the world’s smallest countries. Covering a mere 10 square miles, Tuvalu is home to a population ranging from 11,000 to 12,000. Comparatively, this population is smaller than that of some small towns in India. What sets Tuvalu apart is not just its size but also its Gross Domestic Product (GDP).
The World Bank data reports that Tuvalu, located in the middle of the ocean, boasts a GDP of only 59 million dollars – precisely $5.9 million. In Indian currency, this amounts to just over Rs 490 crore. Tuvalu exclusively uses the Australian dollar, and one Australian dollar equals Rs 54.60 in Indian currency.
Following an examination of Tuvalu’s GDP, it is evident that India’s Income Tax Department and the Enforcement Directorate (ED) routinely recover larger sums in just 2-3 raids. In a December 2023 operation targeting Congress Party’s Rajya Sabha MP Dheeraj Sahu in Odisha and Jharkhand, the Income Tax Department confiscated a significant Rs 351 crore. An earlier raid in October at the residence of a government contractor revealed cash and jewellery totalling Rs 102 crore.
As of January 18, 2024, there are a total of 1,642 companies in the Indian stock market with a market value equal to or exceeding Rs 500 crore. Topping the list is Reliance Industries, boasting the highest market capitalization among the listed companies at Rs 18,51,261.21 crore. The Indian stock market reports the presence of 273 companies with market capitalisation ranging from Rs 300 crore to Rs 500 crore.
Maritime nation Tuvalu relies heavily on its surrounding waters for the livelihood of its residents. The primary income sources are farming and fishing, with a focus on exporting harvested fish. Additionally, the export of locally crafted handicrafts plays a vital role in sustaining the community’s economy. These industries form the bedrock of Tuvalu’s economic activities, introducing a sustainable approach to income generation for its people.
Tuvalu has become a favoured leisure spot for its neighbouring countries. The local economy reaps rewards as tourists are attracted to its stunning beaches, coral reefs, and lively traditional culture. Its natural beauty and cultural richness, position it as a sought-after destination for those seeking a memorable getaway.
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