Agencies Posted online: Saturday, April 24, 2004 at 1250 hours IST Updated: Saturday, April 24, 2004 at 1326 hours IST
Washington, April 24: India has consolidated its position as the world's fourth largest economy in Purchasing Power Parity (PPP) at $2,778 billion behind US, China and Japan.
The Purchasing Power Parity is arrived at by pricing all goods and services at US prices and treating America as standard, instead of converting Rupees into dollars at foreign exchange rates.
According to the World Bank's World Development Indicators 2004, released on Friday and based on 2002 figures, the PPP of United States is put at $10,414 billion, followed by China at $5,792 billion and Japan at $3,481 billion.
Germany is placed fifth at $2,226 billion dollars, according to the report.
In the G-7, only two -- US and Japan -- are ahead of India.
The PPP figures for the other five members of the G-7 are: Germany $2226 billion; France $1,609 billion; the United Kingdom $1,574 billion; Italy $1,510 billion and $Canada 907 billion.
The PPP of Russia (which makes it G-8) has improved to $1,165 billion, reflecting the rapid improvement in the Russian economy.
