The ascendency of India as an economic world power

Many people are interested about the amazing economic growth that Indian economy has witnessed in the last few years. So, almost everyone feels that India is becoming an important country for the world economy. However, it seems that Indian economy was overestimated in the past and the size of Indian economy is that big as thought to be.

Reuters reported:

The economies of China and India are much smaller than previously thought when measured by buying power in U.S. dollars, according to data released on Monday which could weaken their call for more clout at the International Monetary Fund.

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India's share of the world economy based on PPP dropped to 4.3 percent from a previous estimate of 6 percent. This was the first time India had participated in the survey since 1985.

This report may be important for World Bank and IMF but the reality is that China and India are growing at an amazing pace. Many American and European companies are now coming to these two countries and many Chinese and Indian companies are now becoming strong contenders in the global level.

 
Also read:

World Bank: economies of China, India less than estimated in new measure