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LATEST NEWS UPDATES | Is India No More World's 3rd Largest Economy? A FactCheck -Mohammed Kudrati

Is India No More World's 3rd Largest Economy? A FactCheck -Mohammed Kudrati

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published Published on Jul 12, 2022   modified Modified on Jul 13, 2022

-BOOMLive.in

A graphic misleadingly compares India's economic size to its economic growth rate to convey the economy being in bad shape

A viral graphic stating that India has fallen from the third largest economy in the world in 2011 to the 164th fastest growing economy out of 193 countries in 2021, is misleading. 

This is due to two reasons. First, the graphic makes an apple to oranges comparison as it compares India's position in economic size to its position in economic growth. 

Second, the yardsticks used to measure them differ. The graphic measures economic size in purchasing power parity (PPP) (Claim: India is the third largest economy) while growth is measured in terms of constant prices (Claim: India is the 164th fastest growing economy). These are two separate ways to value an economy. 

In terms of growth: India was the third largest economy in the world in 2011 and remains so in terms of PPP, following China and the United States, according to data from the World Bank.

Please click here to read more. 


BOOMLive.in, 12 July, 2022, https://www.boomlive.in/fact-check/economy/india-3rd-largest-economy-164-economic-growth-narendra-modi-gdp-size-china-usa-ppp-18488?utm_medium=Social&utm_source=Facebook&fbclid=IwAR3IqMqj-jl3_1ydJORNMHt8Egcgn7FWtKIkwUdxnuoCG0x1


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