Notes:

1. This comparative analysis is based on the explanation given by Tim Worstall which appeared in Forbes in 2011, in which he suggests that the Gross Domestic Product or GDP of a company is best calculated by adding its Net Profit and Total Wage Spend, and that a company’s Total Revenue (or Turnover as it is sometimes called) is not a figure that can be equated with the GDP of a country or state. “GDP”, writes Worstall, “is the ‘value of goods and services’ produced in a country in a year. It is very much NOT the turnover in that country. It is the value added through economic activity. Revenues for a company are of course turnover: so we cannot compare turnover to GDP. What we actually want to compare is the value added. So, what is the value added of a company? One definition is the profit made by the company. Other theoreticians say we should add the profit and the wages paid out by the company together [roughly the ‘Income Approach’] and this gives us the total value added.”

2. Only those Chinese and Indian companies that appear in the 2013 Forbes List of Top 2000 global companies have been considered.

3. GDP at constant prices (or the Real GDP), that takes into account inflation, is considered a better indicator of economic progress than nominal GDP (or GDP at current prices) and has been used for Indian states in this analysis. GDP figures of companies (Net Profit plus Wage spend) are at best a rough estimate and should be viewed as such. Also, the company GDP, because it factors in current prices for Net Profit and Wage Spend, is closer to being Nominal GDP than Real GDP (Nominal GDP value is always a little higher than Real GDP value). GDP of a company therefore appears in quotes as “GDP”.

4. All financial data has been sourced from Google Finance and in some cases from Forbes. Where Total Wage Spend was not available from Google Finance, data has been sourced from individual company Annual Reports, failing which sector-wise average Wage Spend has been used in a few cases.

5. In 2011, The Economist published a map of India where GDP of states was equated with GDP of countries.

6. Chinese, Hong Kong and Indian currency exchange rate information is from Xe.com and Tradingeconomies.com. Rs 65 to a USD dollar has been used for converting State GDPs into USD as the Planning Commission GDP figures were calculated during the period this exchange rate was applicable. Chinese Yuan Renminbi: USD exchange rate used is 0.164. Hong Kong Dollar: USD exchange rate used is 0.12.

7. The 2012-13 GDP figures for Gujarat, Rajasthan, Kerala, Goa, Mizoram and Chandigarh were not available and were calculated using their latest GDP growth rates (2004-05 constant prices) as follows: Gujarat: 8.53%; Rajasthan: 6.11%; Kerala: 9.51%; Goa: 9.39%; Mizoram: 10.09%; Chandigarh: 14.88%.

8. Table 1. 2012-13 GDP of Indian States at 2004-05 constant prices and Chinese companies with equivalent “GDP”.

 

 

 

State	Rs (Crore)	USD (billion)	Companies
Maharashtra	843,565	129.77
Uttar Pradesh	445,168	68.48
Tamil Nadu	451,313	69.43	India-56
Gujarat	432908	66.60	ICBCWheelock & Co. Hutchison Whampoa Baidu
Andhra Pradesh	425,469	65.45	CCBSinopec-China
West Bengal	353,809	54.43	China-46
Bihar	308,640	47.48	China-23
Karnataka	303,670	46.71	PetroChinaChina CITIC
Rajasthan	241744	37.19	Agri Bank China
Kerala	230088	35.39	China MobileHuaxia Bank China Resources Land MTR
Madhya Pradesh	221,463	34.07	Bank of China
Delhi	220,967	33.99	Bank of CommunicationsChina Minsheng China Shenhua
Haryana	190,878	29.36	Ping An InsuranceCnooc China Telecom
Punjab	164,525	25.31	Soho ChinaIndustrial Bank SAIC Motor China State Construction
Chattisgarh	160,188	24.64	China MerchantsChina Everbright Shanghai Pudong
Assam	143,567	22.08	China Coal EnergyLenovo China Eastern Swire Pacific Evergrande Real Estate Sun Hung Kai Properties
Odisha	142,607	21.93	China-9Cheung Kong AIA
Jharkhand	103,426	15.91	China CommunicationsSinopharm Kweichow Moutai Daqin Railway Tencent
Uttarakhand	63,157	9.71	Hebei Iron & SteelJardine Matheson Henderson Land China CNR
Himachal Pradesh	44,554	6.85	Shandong Gold MiningXiamen C&D China Shipbuilding Wuhan Iron & Steel Ping An Bank
J & K	43,097	6.63	Shanxi Luan EnvironmentalJiangsu Yanghe Jizhong Energy Inner Mongolia Yitai Qingdao Haier
Goa	25369	3.90	China VankeChina Gezhouba
Tripura	16,993	2.61	China International MarineWeichai Power Qinghai Salt Lake
Meghalaya	12,072	1.85	Bank of NingboHenan Shuanghui Investment
Manipur	11,713	1.80	New Hope LiuheDongfang Electric
Nagaland	9,871	1.51	Sun Art RetailTongling
Arunachal Pradesh	5,934	0.91	Haitong Securities
Mizoram	5523	0.84	Inner Mongolia Yili
Sikkim	5,491	0.84	Shanghai Pharmaceuticals
A & N islands	4,025	0.61	Hainan Airlines
Chandigarh	26,981	4.15	GDP of these UTs has been added to that of Tamil Nadu
Puducherry	13,554	2.08

 

 

9. Table 2. List of Chinese companies and their estimated “GDP” (All figures in USD Billion)

 

 

Company	Revenue	Net Profit	Employees	Wage Spend	“GDP”
ICBC	88.0	39.14	405,354	15.65	54.79
CCB	75.5	31.75	329,338	12.61	44.36
Agri Bank China	69.2	23.80	444,238	14.39	38.19
Bank of China	60.0	23.86	288,687	10.52	34.38
PetroChina	360.0	21.42	552,810	17.71	39.13
Sinopec-China	411.7	10.13	376,201	11.28	21.41
Bank of Communications	24.1	9.59	79,122	3.42	13.01
China Shenhua	41.0	9.13	89,144	2.81	11.94
China Merchants	18.6	7.42	44,765	3.60	11.02
China Minsheng	16.9	6.28	43,133	2.70	8.98
Shanghai Pudong	13.6	5.62	35,784	2.30	7.92
China CITIC	14.6	5.12	34,589	2.25	7.37
Industrial bank	14.3	5.72	34,611	1.83	7.55
SAIC Motor	78.4	5.49	5,379	2.22	7.71
Ping An Insurance	49.0	4.38	190,000	4.12	8.50
China Everbright	9.8	3.87	28,267	1.54	5.41
China Telecom	46.4	2.4	309,799	7.74	10.14
Ping An Bank	6.51	2.21	21,265	1.17	3.38
China State Construction	93.7	3.73	147,856	3.84	7.57
Kweichow Moutai	4.3	2.29	11,456	0.48	2.77
Tencent Holdings	7.1	2.08	25,517	1.50	3.58
China Vanke	16.9	2.56	31,019	0.47	3.03
Daqin Railway	7.5	1.88	95,480	1.58	3.46
China Communications	37.35	1.32	94,629	2.32	3.64
Soho China	2.5	1.73	2359	0.03	1.76
Baidu Inc	3.5	1.71	20,877	0.10	1.81
Evergrande Real Estate	10.7	1.50	32,144	0.61	2.11
China Coal Energy	14.3	1.64	54,948	1.10	2.74
Huaxia Bank	10.5	1.51	21,448	0.49	2.00
Inner Mongolia Yitai	5.3	1.20	5,287	0.19	1.39
China Shipbuilding	9.5	0.58	39,779	0.78	1.36
Jiangsu Yanghe	2.83	1.00	9221	0.11	1.11
Jizhong Energy	4.9	0.37	52,750	0.97	1.34
Qingdao Haier	13.0	0.71	57,977	0.92	1.63
Bank of Ningbo	1.6	0.66	4970	0.28	0.94
Henan Shuanghui Invest	6.5	0.50	61,050	0.43	0.93
Weichai Power	7.8	0.53	41,000	0.48	1.01
Haitong Securities	1.49	0.53	7,294	0.38	0.91
China Eastern	14.0	0.54	66,207	2.17	2.71
China CNR	15.1	0.57	88,725	1.33	1.90
Lenovo	33.8	0.63	27,000	1.66	2.29
Qinghai Salt Lake	1.35	0.45	12,648	0.15	0.60
Shanxi Lu’an Environment	3.29	0.33	33,755	0.81	1.14
Xiamen C&D	14.9	0.43	8,492	0.22	0.65
New Hope Liuhe	12.0	0.35	79,632	0.52	0.87
Sun Art Retail	12.7	0.39	118,335	0.76	1.15
Hainan Airlines	4.7	0.31	9,476	0.30	0.61
Shandong Gold Mining	8.2	0.36	13,536	0.28	0.64
Inner Mongolia Yili	6.8	0.28	21,925	0.59	0.87
Dongfang Electric	6.2	0.36	20,827	0.57	0.93
China International Marine	8.9	0.31	64,530	0.78	1.09
Shanghai Pharmaceuticals	11.1	0.40	36,791	0.47	0.87
Sinopharm	135.7	1.97	40,737	0.33	2.30
China Gezhouba	8.7	0.30	38328	0.61	0.91
Wuhan Iron & Steel	15.0	0.06	43,205	0.72	0.78
Hebei Iron & Steel	18.3	0.02	53,534	0.94	0.96
Tongling Nonferrous	12.6	0.12	15,966	0.22	0.34
China Mobile	91.9	21.20	175,336	5.12	26.32
Cnooc	40.6	10.44	10,063	0.41	10.85
Sun Hung Kai	8.8	6.61	36,000	0.93	7.54
Cheung Kong	5.1	5.27	9000	0.19	5.46
Wheelock & Co	3.9	3.23	15,500	0.39	3.62
Hutchison Whampoa	47.8	3.13	166,661	3.66	6.79
AIA	13.8	3.01	19,000	0.68	3.69
Henderson Land	1.8	2.42	8000	0.18	2.60
Swire Pacific	5.8	2.08	73,867	1.84	3.92
MTR	4.2	1.62	21,295	3.80	5.42
Jardine Matheson	39.5	1.69	360,000	2.87	4.56
China Resources Land	5.3	1.26	17,301	0.21	1.47

 

 

10. Table 3. List of Chinese companies grouped as China-9 and their estimated “GDP” (All figures in USD Billion)

 

 

Company	Revenue	Net Profit	Employees	Wage Spend	“GDP”
New World Development	4.5	1.31	47,000	0.45	1.76
Link REIT	0.7	2.52	833	0.04	2.56
CLP Holdings	12.5	0.99	6581	0.32	1.31
China Unicom	40.8	1.16	218,34	0.25	1.41
China Resources Power	7.4	0.89	38,118	0.30	1.19
Chinese Estates	0.2	1.17	711	–**	1.17
Hysan Development	0.2	1.19	541	—	1.19
Power Assets Holdings	1.2	1.33	1861	—	1.33
Galaxy Entertainment	6.8	0.88	15,000	—	0.88

 

** Information of Wage Spend could not be ascertained from Company Annual Reports

 

11. Table 4. List of Chinese companies grouped as China-23 and their estimated “GDP” (All figures in USD Billion)

 

 

Company	Revenue	Net Profit	Employees	Wage Spend	“GDP”
Sany Heavy Industry	7.6	0.98	51,827	0.69	1.67
Dongfeng Motor Group	20.3	1.49	102,219	0.18	1.67
Bank of Beijing	4.5	1.91	7,339	0.44	2.35
Poly Real Estate Group	11.4	1.63	18,564	0.23	1.86
China Railway Construction	79.4	1.39	241,621	4.28	5.67
Zoomlion Heavy Industry	7.8	1.23	28,833	0.60	1.83
China Yangtze Power	4.2	1.69	7,474	0.20	1.89
Baoshan Iron & Steel	31.3	1.71	41,919	1.43	3.14
China Railway Group	79.1	1.31	291,772	4.77	6.08
Wuliangye Yibin	4.4	1.69	28,515	0.41	2.10
Anhui Conch Cement	7.5	1.05	43,875	0.45	1.50
Yanzhou Coal Mining	9.7	0.91	69,381	1.71	2.62
Great Wall Motor	7.0	0.93	53,549	0.46	1.39
Huaneng Power	21.9	1.12	35,903	0.86	1.98
Shanghai International Port	4.6	0.95	21,530	0.62	1.57
Suning Appliance	16.1	0.41	8,252	0.71	1.12
Zijin Mining Group	7.9	1.00	21,003	0.26	1.26
Gree Electric Appliances	16.2	1.22	80,189	0.73	1.95
Jiangxi Copper	26.0	0.86	22,500	0.43	1.29
China Oilfield Services	3.7	0.75	12,991	0.60	1.35
Citic Securities	1.6	0.61	11,378	0.74	1.35
Shenzhen Overseas	3.6	0.66	21,425	0.24	0.90
TCL	11.3	0.20	68,935	0.72	0.92

 

 

12. Table 5. List of Chinese companies grouped as China-46 and their estimated “GDP” (All figures in USD Billion)

 

 

Company	Revenue	Net Profit	Employees	Wage Spend	“GDP”
People’s Insurance	41.3	1.10	100,536	3.14	4.24
China Pacific Insurance	28.1	0.84	85,137	1.76	2.60
GD Power Development	9.1	1.09	28,035	0.52	1.61
CSR	14.8	0.79	86,058	1.48	2.27
Datang International Power	12.7	1.01	22,012	0.47	1.48
Gemdale	5.3	0.70	9,427	0.19	0.89
China Merchants Proper	4.1	0.70	12,855	0.18	0.88
Bank of Nanjing	1.4	0.66	3,624	0.22	0.88
New China Life Insurance	19.1	0.48	67,000	1.02	1.50
Yangquan Coal Industry	11.7	0.36	41,363	0.82	1.18
China Southern Airlines	16.6	0.62	73,688	2.19	2.81
Shanghai Electric Group	12.6	0.73	27,607	1.06	1.79
Zhongjin Gold	5.9	0.34	26,980	0.25	0.59
China Merchants Securities	0.7	0.26	7,938	0.22	0.48
Huatai Securities	0.9	0.27	8,188	0.29	0.56
Shanxi Taigang Stainless	16.9	0.16	26,079	0.39	0.55
Shanghai Construction	15.2	0.27	24,324	0.62	0.89
GF Securities	1.1	0.35	9,470	0.36	0.71
Hikvision	1.1	0.35	8,367	0.16	0.51
Huadian Power	9.7	0.31	22,533	0.47	0.78
Inner Mongolia Baotou Steel	6.0	0.04	30,766	0.54	0.58
BYD	7.6	0.03	166,000	1.24	1.27
China Life Insurance	66.5	1.84	100,175	2.00	3.84
Country Garden Holdings	6.8	1.12	40,243	0.65	1.77
Longfor Properties	4.5	1.03	9,288	0.68	1.71
China Hongqiao Group	4.0	0.89	31,872	0.16	1.05
Guangzhou R&F	4.9	0.90	18,302	0.09	0.99
Shimao Property Holdings	4.6	0.94	4,899	0.10	1.04
China National Building	14.3	0.91	121,657	0.66	1.57
Agile Property Holdings	4.9	0.82	13,439	0.14	0.96
Greentown China Holdings	1.6	0.28	4,383	0.14	0.42
Chongqing Rural Bank	3.6	0.87	13,603	0.42	1.29
Sino-Ocean Land Holdings	4.6	0.50	6,314	0.15	0.65
Netease	1.5	0.72	6,160	0.08	0.80
Want Want China Holdings	3.3	0.55	56,000	0.05	0.60
Fosun International	8.4	0.60	31,000	0.44	1.04
BBMG	5.5	0.48	28,753	0.19	0.67
Hengan International	3.0	0.57	33,600	0.15	0.72
Tingyi Holding	9.2	0.45	79,300	0.78	1.23
China Communication	10.0	0.39	127,000	2.10	2.49
China National Chemical	6.9	0.40	36,157	0.20	0.60
China Longyuan Power	2.8	0.42	5,559	0.13	0.55
China National Materials	7.5	0.07	55,292	0.30	0.37
Sinohydro Group	18.0	0.60	129,564	–**	0.60
Luzhou Laojiao	1.3	0.50	1,815	–**	0.50
Inner Mongolia Rare-Earth	1.8	0.60	10,187	–**	0.60

 

** Information of Wage Spend could not be ascertained from Company Annual Reports

 

13. Table 6. List of all the 56 Indian companies – grouped here as India-56 – that feature in Forbes Global 2000 and their estimated “GDP” (All figures in USD Billion).

 

 

Company	Revenue	Net profit	Employees	Wage spend	“GDP”
ONGC	28.9	5.53	32,909	1.09	6.62
Reliance Industries	70.3	3.88	23,166	0.73	4.61
Coal India	12.2	2.92	371,546	3.05	5.97
Tata Motors	32.5	2.66	58,618	0.37	3.03
Tata Consultancy Services	9.6	2.00	277,586	3.40	5.40
NTPC	12.7	1.93	25,511	0.07	2.00
Infosys	6.6	1.63	149,994	3.55	5.18
ICICI Bank	13.1	1.50	33,000	0.29	1.79
NMDC	2.2	1.43	5,924	0.06	1.49
Bharat Heavy Electricals	9.3	1.39	49,390	0.78	2.17
Wipro	7.3	1.10	135,920	2.44	3.54
Tata Steel	26.1	1.03	81,622	0.58	1.61
HDFC Bank	5.9	1.10	69,065	0.07	1.17
GAIL India	8.6	0.87	3,937	0.09	0.96
Larsen & Toubro	12.6	0.92	48,754	0.58	1.50
Jindal Steel & Power	3.5	0.78	15,000	0.09	0.87
Bharti Airtel	14.0	0.83	20,479	0.21	1.04
Indian Oil	70.7	0.83	32,433	0.66	1.49
Oil India	1.87	0.68	8,096	0.22	0.90
Steel Authority of India	9.0	0.70	106,004	0.98	1.68
Hindalco Industries	15.8	0.66	19,975	0.88	1.54
NHPC	1.36	0.60	11,036	0.84	1.44
Rural Electrification	2.0	0.55	678	0.02	0.57
Bajaj Auto	3.7	0.59	8,627	0.08	0.67
Power Finance	2.5	0.60	379	0.01	0.61
Power Grid of India	2.0	0.64	9,670	0.17	0.81
Mahindra & Mahindra	10.9	0.61	17,847	0.66	1.27
Grasim Industries	4.9	0.52	6,618	0.23	0.75
Hero MotoCorp	4.6	0.46	6,106	0.11	0.57
HCL Technologies	3.8	0.40	85,505	1.77	2.17
Adani Enterprises	7.7	0.36	597	0.08	0.44
Reliance Infrastructure	4.6	0.31	8,988	0.10	0.41
DLF	1.89	0.23	3,700	0.08	0.31
Hindustan Petroleum	32.6	0.03	11,226	0.28	0.31
State Bank of India	35.0	3.02	215,481	–**	3.02
ITC	5.2	1.20	25,959	—	1.20
HDFC	5.8	1.07	1,719	—	1.07
Bank of Baroda	6.8	1.03	42,175	—	1.03
Punjab National Bank	8.2	0.98	62,127	—	0.98
Axis Bank	5.3	0.80	37,901	—	0.80
Canara Bank	6.6	0.65	42,272	—	0.65
Sun Pharmaceutical	1.6	0.50	14,000	—	0.50
Bank of India	6.2	0.53	39,785	—	0.53
Allahabad Bank	3.3	0.36	21,000	—	0.36
Kotak Mahindra Bank	2.5	0.36	22,092	—	0.36
IDBI Bank	5.0	0.39	15,435	—	0.39
Andhra Bank	2.4	0.26	15,099	—	0.26
Syndicate Bank	3.2	0.25	26,904	—	0.25
Corporation Bank	2.8	0.29	14,803	—	0.29
Indian Bank	2.6	0.34	18,710	—	0.34
Union Bank of India	4.6	0.34	30,838	—	0.34
Oriental Bank of Commerce	3.3	0.22	18,371	—	0.22
UCO Bank	3.0	0.21	23,259	—	0.21
Indian Overseas Bank	3.8	0.20	27,366	—	0.20
Bharat Petroleum	36.6	0.15	13,343	—	0.15
Central Bank of India	4.0	0.12	35,901	—	0.12