India, the 3rd largest economy on PPP
The
next ICP comparison will be
Conducted
for reference year 2021
Purchasing
Power Parities and the size of Indian Economy: Results from the 2017
International Comparison Program
The
World Bank has released new Purchasing Power Parities (PPPs) for reference year
2017, under International Comparison Program (ICP), that adjust for differences
in the cost of living across economies of the World. Globally 176 economies
participated in 2017 cycle of ICP.
The
International Comparison Program (ICP) is the largest worldwide data-collection
initiative, under the guidance of UN Statistical Commission (UNSC), with the
goal of producing Purchasing Power Parities (PPPs) which are vital for
converting measures of economic activities to be comparable across economies.
Along with the PPPs, the ICP also produces Price Level Indices (PLI) and other
regionally comparable aggregates of GDP expenditure.
India
has participated in almost all ICP rounds since its inception in 1970. The
Ministry of Statistics and Programme Implementation is National Implementing
Agency (NIA) for India, which has the responsibility of planning, coordinating
and implementing national ICP activities. India is also proud to have been a
co-Chair of the ICP Governing Board along with Statistics Austria for the ICP
2017 cycle.
The
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. The Exchange Rate
of US Dollar to Indian Rupee is now 65.12 from 46.67 during same period. The
Price Level Index (PLI)—the ratio of a PPP to its corresponding market exchange
rate is used to compare the price levels of economies, of India is 47.55 in
2017 from 42.99 in 2011.
In
2017, India retained and consolidated its global position, as the third largest
economy, accounted for 6.7 percent ($8,051 billion out of World total of
$119,547 billion) of global Gross Domestic Product (GDP) in terms of PPPs as
against China (16.4%) and United States (16.3%), respectively. India is also
third largest economy in terms of its PPP-based share in global Actual
Individual Consumption and Global Gross Capital Formation.
In
2017, India retained its regional position, as the second largest economy,
accounted for 20.83 % (HK$ 48,395 billion out of Asia-Pacific total of HK$
232,344 billion) of Regional Gross Domestic Product (GDP) in terms of PPPs
where China was at 50.76% (first) and Indonesia at 7.49% (third). India is also
second largest economy in terms of its PPP-based share in regional Actual
Individual Consumption and regional Gross Capital Formation.
Among
22 participating economies in Asia-Pacific region, the Purchasing Power
Parities (PPPs) of Indian Rupee per Hong Kong Dollar (HK$) at Gross Domestic
Product (GDP) level is now at 3.43 in 2017 from 2.97 in 2011. The Exchange Rate
of Hong Kong Dollar to Indian Rupee is now at 8.36 from 6.00 during same
period. The Price Level Index (PLI of India has is now at 64.00 in 2017 from
71.00 in 2011.
The
ICP 2017 results are available on the ICP website and the World Bank’s Databank
and Data Catalog. Revised results for 2011, the previous ICP reference year,
were also released as well as estimates of annual PPPs for the period
2012-2016. The next ICP comparison will be conducted for reference year 2021.
Comments
Post a Comment