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India is 3rd largest economy, behind only US and China

India is 3rd largest economy, behind only US and China
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First Published: Thu, Feb 28 2008. 11 41 PM IST
Updated: Thu, Feb 28 2008. 11 41 PM IST
The Economic Survey points out that India’s GDP at purchasing power parity (PPP) is estimated at, depending on whether the old or new conversion factor is used, $5.16 trillion (Rs205 trillion) —which would make the country the third largest economy (after the US and China)—or $3.19 trillion, which makes it the fifth largest. PPP compares the real purchasing power of different local currencies in terms of a fixed basket of goods.
Rural poor spend up to 69% income on food
New Delhi: Rural and urban poor continue to be vulnerable, as shown by their high expenditure on food. Rural poor (those below poverty line) spend only 31-35% of total income on non-food items. The rest of the expenditure is on food. The urban poor spend 35-43% of their income on non-food items. “Given meagre resources, higher expenditure on food, which is the most basic of all basic needs, would be indicative of vulnerability to some extent,” says the Economic Survey. Those earning twice the amount of these poor families spend 46% on non-food items and 54% on food in rural areas, and 53% on non-food and 46% on food items in urban areas. (Staff Writer)
Global warming an opportunity, not threat
New Delhi: The Economic Survey analyses global warming as more of an opportunity than a risk in the near future. It says India’s potential in the global carbon trade market is the most significant. Out of the 918 projects registered with the United Nations Framework Convention on Climate Change for carbon credits, 309 are from India and the Indian government, till date, has approved 858 projects facilitating an investment of Rs17,121 crore. (Staff Writer)
Productivity needs to increase in mid-term
New Delhi: Concerned at the recent moderation in the growth of the industrial sector, the Economic Survey has said that in spite of government taking short-term measures to tide over the situation, productivity has to increase over the medium term, even if there are exchange rate fluctuations. (Staff Writer)
Remittances clock 49% growth in first half
New Delhi: Private transfer receipts (mainly remittances coming from Indians working overseas) increased by 49% in the first six months of 2007-08 as compared with a growth of 19.2% in the corresponding period of the previous year, according to the Economic Survey. (Staff Writer )
Trade-GDP ratio shoots up to 35%
New Delhi: Trade to GDP ratio, which is an indicator of trade openness, grew exponentially from 22.5% of the GDP in 2000-01 to 34.8% of GDP in 2006-07. If the service trade is included, this further increased to 48% of GDP in 2006-07 as compared with 29.2% of GDP in 2000-01, according to the Economic Survey. (Staff Writer)
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First Published: Thu, Feb 28 2008. 11 41 PM IST