Economic Indicators and Various Reports On It- GDP, FD, EODB, WIR etc

India became third largest economy in 2011: World Bank

Note4students

Mains Paper 3: Economy | Growth

From UPSC perspective, the following things are important:

Prelims level: International Comparison Program (ICP)

Mains level: India’s status in world trade and future prospects


Largest economy tag

  1. In a matter of six years, India emerged as the world’s third-largest economy in 2011 from being the tenth largest in 2005
  2. This data was released by the International Comparison Program (ICP), hosted by the Development Data Group at the World Bank Group

Major findings

  1. According to the ICP, six of the world’s 12 largest economies were in the middle-income category (based on the World Bank’s definition)
  2. The 12 largest economies accounted for two-thirds of the world economy and 59 per cent of the population
  3. The six largest middle-income economies — China, India, Russia, Brazil, Indonesia and Mexico — account for 32.3 per cent of world GDP, whereas the six largest high-income economies — US, Japan, Germany, France, UK and Italy — account for 32.9 per cent

Back2Basics

International Comparison Program (ICP)

  1. ICP is a partnership of various statistical administrations of up to 199 countries guided by the World Bank
  2. The main partners of this program are the World Bank, IMF, UN, ADB, OECD, CISSTAT, Eurostat, AfDB ESCWA, ECLAC, DFID, ABS, IDB, NMoFA who are also all part of the executive board
  3. The Program produces internationally comparable price and volume measures for gross domestic product (GDP)
  4. Its component expenditures are based on purchasing power parities (PPP’s)
  5. The International Comparison Program holds surveys collecting price and expenditure data for the entire range of final goods and services at intervals of some few years (the last two were separated by six years)
  6. The ICP tries to make different countries GDPs comparable by calculating them in PPP both currency converters and spatial price deflators
  7. The ICP has published its PPP results eight times so far – the first time for 1970 (a preliminary study for 1967 was also carried out) and the latest for 2011
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