Tuesday, March 27, 2012

Size of the Indian Economy

The share of different countries in world GDP based on purchasing power parity (PPP) in 2010 is as under:

Country  Advanced Economies USof America United Kingdom Germany  Japan    India

Share           52.1%                      19.5%                 2.9%             4.0%     5.8%    5.5%

Source: World Economic Outlook, database IMF.

As per news release dated 26th December, 2011 of Centre for Economics and Business Research Ltd. London, United Kingdom, India will move from being the 9th largest economy in 2010 to become the 5th largest economy by 2020.

The Approach Paper to the Twelfth Five Year Plan (2012-17) proposes a faster, more inclusive and sustainable growth with a target of 9 per cent increase in GDP. The key requirements for achieving the goal are better performance in agriculture (at least 4 per cent growth), faster creation of jobs in manufacturing, development of appropriate infrastructural facilities, strong efforts at health, education and skill development, improving the implementation of flagship programmes and focus on backward region and vulnerable groups. In this connection, certain specific measures taken by government inter alia, include enhancing higher level of investment for agriculture sector including irrigation projects, promoting Micro Small & Medium Enterprises (MSME) sector by way of higher allocation of funds, enhancing investment in the infrastructure sector focusing on Public Private Partnership and a number of legislative measures to develop the financial sector etc.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Rajya Sabha today.

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