India Succeeded In Being The World’s Third Largest EconomyJune 24, 2020
Based on the Ratings Power Parity (PPP), it remains at the level of the third largest economy after the US and China. The central government quoted World Bank as saying that the rupee per dollar PPP at the level of gross domestic product (GDP) rose to 20.65 in 2017 from 15.55 in 2011. At the same time, the dollar exchange rate for the rupee increased to 65.12 in 2017, from 46.67 in 2011. Also, in 2017, the price level index (PLI) ratio to market exchange rate improved to 47.55, from 42.99 in 2011.
On the basis of PPP, India’s contribution to global GDP is 6.7%.
Purchasing power parity, ie PPP, is used to compare the price level of similar goods in economies. According to the National Statistics Office (NSO), India remained the third largest economy in the world in 2017. According to the PPP, India’s share in global GDP was 6.7 percent. In other words, India’s share of the world’s total GDP of $ 1,19,547 billion was $ 8,051 billion. At the same time, China’s share is 16.4 percent and America’s contribution is 16.3 percent.