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India is world's 4th largest economy

India is now the world's fourth largest economy after the US, China and Japan in purchasing power parity measured in American prices, according to the latest World Development Indicators.

India's PPP gross national income in 1999 was $2.23 trillion against $8.88 trillion of the United States, $4.45 trillion of China and $3.19 trillion of Japan, the indicators issued by the World Bank said.

India's per capita in PPP increased from $206 in 1998 to $223 in 1999, and PPP gross national income from $2.02 trillion to $2.23 trillion in 1999, the 396-page publication said.

Other countries in the trillion-dollar league in PPP in 1999 were: Germany ($1.93 trillion), France ($1.35 trillion), United Kingdom ($1.32 trillion), Italy ($1.27 trillion), Brazil ($1.15 trillion), and the Russian Federation ($1.02 trillion).

The gross national income of other countries of South Asia in PPP terms in 1999 were: Pakistan $250 billion (PPP per capita $186), Bangladesh $196 billion (PPP per capita $153), Sri Lanka $61 billion (PPP per capita $323), and Nepal $30 billion (PPP per capita $128).

In the report, the World Bank President James D Wolfensohn said, "While the challenge of poverty reduction is immense, the prospects for success in some areas are improving."

Between 1990 and 1998 the proportion of people living in extreme poverty (below $1 a day) fell from 29 to 23 per cent -- and in China the number in extreme poverty fell by almost 150 million.

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