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International Comparison Program (ICP)
June 26 , 2020
1487 days
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- The World Bank has released new Purchasing Power Parities (PPPs) for reference year 2017.
- It was under ICP, that adjust for differences in the cost of living across economies of the World.
- ICP is the largest worldwide data-collection initiative, under the guidance of UN Statistical Commission (UNSC).
- Purchasing Power Parities (PPPs) of Indian Rupee per US$ at Gross Domestic Product (GDP) level is now 20.65 in 2017 from 15.55 in 2011.
India’s position
- In 2017, India retained the position of third largest economy, accounted for 6.7 percent ($8,051 billion out of World total of $119,547 billion) of global Gross Domestic Product (GDP) in terms of PPPs.
- China (16.4%) and United States (16.3%), respectively.
- India is also third largest economy in terms of its PPP-based share in global Actual Individual Consumption and Global Gross Capital Formation.
About PPP
- The rate at which the currency of one country would have to be converted into that of another country to buy the same amount of goods and services in each country.
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