[Prelims Spotlight] International Comparison Program (ICP), Ajivika


Here are  Back2Basics collections from today’s news items

B2B #1: From news- India became third largest economy in 2011: World Bank

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

Here’s a Factoid to brush up your concepts

Key words related to History : Ajivika

Dynasty/era : Buddha period

Meaning : A heterodox sect of the time of the Buddha

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