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.

    India becomes world's third-largest economy
    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.

    SOURCE: Al Jazeera and agencies


    YOU MIGHT ALSO LIKE

    Double standards: 'Why aren't we all with Somalia?'

    Double standards: 'Why aren't we all with Somalia?'

    More than 300 people died in Somalia but some are asking why there was less news coverage and sympathy on social media.

    The life and death of Salman Rushdie, gentleman author

    The life and death of Salman Rushdie, gentleman author

    The man we call 'Salman Rushdie' today is not the brilliant author of the Satanic Verses, but a Picassoesque imposter.

    The Beirut Spy: Shula Cohen

    The Beirut Spy: Shula Cohen

    The story of Shula Cohen, aka The Pearl, who spied for the Israelis in Lebanon for 14 years.