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It is very likely that India has moved up one notch among the world's largest economies by overtaking Italy
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India overtook Japan in 2012 to become the third largest economy in the world when national income is measured by purchasing power parity. It also became the ninth largest economy when market exchange rates are considered. It is very likely to have moved up one notch since then by overtaking Italy.
These numbers were made available by the World Bank this week when it released the latest edition of its world development indicators. Ordinary lives have improved since 1990 despite some increase in inequality. The numbers on life expectancy, child mortality, fertility, use of contraceptives, school enrolment, access to improved sanitation, telecom usage and a host of other measures should effectively demolish the mistaken belief that economic growth has only benefited the rich.
But India still has a long way to go. It is a lowly 120 in the global ranking when per capita income is considered.
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