INVC NEWS
New Delhi : Countries like Germany, Japan and the UK have continued to decline in GDP (PPP) rankings over the past few years. According to the report, India has achieved significant growth in GDP (PPP) in these years. GDP (PPP) means gross domestic product based on purchasing power. Delhi-based Social Policy Research Foundation (SPRF) is a non-profit organization.
According to his research, if evaluated on PPP basis by 2024, the Indian economy will be 3.6 times larger than the UK, 2.1 times larger than Japan and 2.5 times larger than Germany. Whereas by 2022, China had emerged as its top ranking country. It has been said in the report that if we look at the percentage of global GDP on PPP, then the share of Indian GDP (PPP) has increased significantly, while the share of America, Japan, Russia and other countries has decreased during this period.
PPP is a means of understanding and comparing the prices of similar goods and services in two or more countries. According to the report, high PPP in the country means that what the Indian consumer spends on essential goods and services within India is cheaper than what consumers spend in Japan, Germany or the UK.
India’s economy recorded a growth of 8.4 percent in GDP during the third quarter October-December 2023, which is surprising, as a result of which, according to the latest data of the National Statistical Office, the country’s economic growth for the financial year 2023-24 The growth rate is now estimated at 7.6 percent.
