[QODLink]
Central & South Asia

India becomes world's third-largest economy

World Bank report ranks India ahead of Japan and after US and China on basis of purchasing power parity.

Last updated: 30 Apr 2014 16:11
Email Article
Print Article
Share article
Send Feedback
The report has given Congress a shot in the arm which has been targeted by opposition BJP for slow growth [AFP]

India emerged as the world's third-largest economy in 2011 from being the 10th largest in 2005 in terms of purchasing power parity (PPP), according to a new study by the world's leading statistical agencies.

The 2011 International Comparison Program (ICP), which involves the World Bank, ranked India before Japan and after the US and China. The last survey in 2005 had placed India on the 10th place.

 

PPP is used to compare economies and incomes of people by adjusting for differences in prices in different countries to make a meaningful comparison.

The report has given India's ruling Congress party a shot in the arm which has been targeted by the opposition Bharatiya Janata Party for the country's slow growth.

On Wednesday, the Congress leadership hailed the World Bank report as an 'answer' to the party's critiques (BJP).

"This is an answer to Modi and other leaders of opposition for their false accusations against us," said General Secretary of Congress party, Shakeel Ahmad.

The opposition BJP's prime ministerial candidate Narendra Modi often launchs sharp attacks on the Congress party blaming the Congress-led government of weak economic policies and development fallouts during its ten year long term.

Ahmad said that India has achieved the feat because of Prime Minister Manmohan Singh's efforts.

"This is the result of his efforts that yesterday World Bank has said India is number third," he said.

247

Source:
Al Jazeera and agencies
Email Article
Print Article
Share article
Send Feedback
Featured on Al Jazeera
More than one-quarter of Gaza's population has been displaced, causing a humanitarian crisis.
Ministers and MPs caught on camera sleeping through important speeches have sparked criticism that they are not working.
Muslim charities claim discrimination after major UK banks began closing their accounts.
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Featured
Frustration grows in Kiev as pledges to end corruption and abuse of power stagnate after Maidan Square protest.
Thousands of Houthi supporters have called for the fall of Yemen's government. But what do the Houthis really want?
New ration reductions and movement restrictions have refugees from Myanmar anxious about their future in Thailand.
US lawyers say poor translations of election materials disenfranchise Native voters.
US drones in Pakistan have killed thousands since 2004. How have leaders defended or decried these deadly planes?
join our mailing list