By Germany, Japan and UK The decline in GDP (PPP) ranking in countries like India has been continuous in the last 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. According to a research report by Delhi-based Social Policy Research Foundation (SPRF), by 2024, if evaluated on PPP basis, the Indian economy is 3.6 times larger than the UK, 2.1 times larger than Japan and 2.5 times larger than Germany.
Share of Indian GDP (PPP) increased significantly
The report said, “If we look at the percentage of global GDP at PPP, 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, “The country’s high PPP means that what an Indian consumer spends on essential goods and services inside India is cheaper than what consumers spend in Japan, Germany or the UK.”
Good growth in construction sector
India’s economy recorded a surprising 8.4 percent growth in GDP during the third quarter (October-December 2023), as a result of which, according to the latest data from the National Statistical Office, the country’s GDP for the financial year 2023-24 The economic growth rate of India is now estimated to be 7.6 percent. The high GDP growth of 8.4 per cent was driven by double-digit growth in the manufacturing sector at 11.6 per cent, while good growth in the construction sector (9.5 per cent) was witnessed.
India is the fastest growing economy in the world
“The Indian economy is set to grow at a robust 7.6 per cent GDP in FY 2023-24, up from 7 per cent in FY 2022-23,” the Statistics Ministry said. Latest data shows that India is maintaining its growth momentum as the world’s fastest growing economy, which can be seen as a great indicator amid the global recession. According to the monthly bulletin of the RBI released earlier this week, the pace of the global economy may be slowing down, but rapid growth is clearly visible in the Indian economy.
Input: IANS
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