[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
Swathes of the British electorate continue to show discontent with all things European, including immigration.
Astronomers have captured images of primordial galaxies that helped light up the cosmos after the Big Bang.
Critics assail British photographer's portrayal of indigenous people, but he says he's highlighting their plight.
As Western stars re-release 1980s charity hit, many Africans say it's a demeaning relic that can do more harm than good.
Featured
No one convicted after 58 people gunned down in cold blood in 2009 in the country's worst political mass killing.
While hosting the World Internet Conference, China tries Tiananmen activist for leaking 'state secrets' to US website.
Once staunchly anti-immigrant, some observers say the conservative US state could lead the way in documenting migrants.
NGOs say women without formal documentation are being imprisoned after giving birth in Malaysia.
Public stripping and assault of woman and rival protests thereafter highlight Kenya's gender-relations divide.