What is the size of India’s economy?
Measuring the size of an economy
The size of any economy is usually measured by calculating its Gross Domestic Product (GDP) which is the market value of all officially recognized final goods and services produced within a country in a given period. To compare GDP internationally, one needs to convert the value in local currencies to one main currency, usually USD.
There are two prevailing exchange rates to be used. The first one is the official exchange rate for that particular period. The second one is called “Purchasing Power Parity” exchange rate, which takes into account the difference in living expenses between countries. The first method is often used when comparing the size of international economies.
Size of India’s economy
India’s economy is the 7th largest in the world, using the market exchange rate method. It’s 2018 GDP of USD 2.717 trillion is only behind the US, China, Japan, Germany, the UK, and France.
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