India is world's fourth largest economy

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India is world's fourth largest economy

 

PTI

 

WASHINGTON: India has consolidated its position as the world's fourth

largest economy, behind the United States, China and Japan, in

Purchasing Power Parity (PPP), according to the latest World

Development Indicators.

 

By conventional calculations, India's gross national income is only

$477.4 billion but it translates into $2,913 billion PPP.

 

Ahead of India is the US with $9,781 billion (in both Conventional

and PPP), China $5,027 billion in PPP and Japan with $3,246 billion

PPP, the indicators, which cover statistics for the economy in 2001,

state.

 

These "Big Four" are followed by Germany ($2,580 PPP), U.K. ($1,431

PPP) France ($1,425 PPP) and Italy ($1,422 PPP).

 

While Canada, the seventh member of the G-7 industrial countries, has

a gross national income of $825 billion PPP, Russia, the 8th member

of G-8, has a gross national income of $ 995 billion PPP, the

indicators reveal.

 

Among South Asian countries, the PPP gross national income stood at

$263 billion for Pakistan, $ 213 billion for Bangladesh, $61 billion

for Sri Lanka and $32 billion for Nepal.

 

To arrive at Purchasing Power Parity, which the IMF regards As a true

reflection of a country's economy and the purchasing power of its

people, all goods and services in a country are calculated at US

prices.

 

The conventional method is to give the figures for each country in

its currency and then translate it into dollars at the foreign

exchange value.