Dikhyaa Mohanty 
According to a new analysis, India has seen considerable GDP growth and its proportion of the global GDP has been rising over time, while nations like Germany, Japan, and the UK have continued to decline in the GDP (PPP) rankings. GDP, or gross domestic product based on buying power parity, is referred to as PPP.
According to study conducted by the non-profit Social Policy study Foundation (SPRF), which is based in Delhi, the PPP value of the Indian economy in 2024 will be 3.6 times that of the UK, 2.1 times that of Japan, and 2.5 times that of Germany. China became the top-ranked nation as of 2022. “Nonetheless, the proportion of India’s GDP (PPP) to the global GDP at PPP has been steadily rising, whereas the US, Japan, Russia, and other nations’ PPPs have declined,” the research stated.
PPP makes it possible for us to comprehend and compare the costs of the identical goods and services in two different countries. The research states that a high PPP indicates that an Indian consumer’s cost of a basic basket of necessities is less in India than it would be for a consumer in Germany, Japan, or the UK.
India’s economy sprang a surprise with an 8.4 per cent surge in GDP growth during the third quarter (October-December 2023), as a result of which the country’s economic growth rate for the financial year 2023-24 is now estimated at a robust 7.6 per cent, according to latest figures by the National Statistics Office. The high growth rate of 8.4 per cent has been driven by a double-digit growth in the manufacturing sector of 11.6 per cent, followed by a good growth rate of the construction sector (9.5 per cent).
