A social media post that was shared by Subramanian Swamy claimed that from being the third-largest economy in 2011, India has slipped to the 164th fastest growing nation in the world in 2021.
International Monetary Fund (IMF) in its World Economic Outlook released in October 2020, projected the growth of India’s GDP at constant prices as 10.28% and 8.8% for the years 2020 and 2021 respectively. Though the report did not provide any rankings with respect to these projections.
Statistical Times, a data portal that provided relative rankings of the countries based on these projections of IMF. In these rankings, India with -10.28% projected GDP growth for the year 2020 stood at 164th position among all the countries. It is also noteworthy to mention that Statistic Times had initially ranked India as the 8th fastest growing country for the year 2021, as per the same IMF projections.
However, later on as per the provisional estimates that were released by the National Statistical Office, the GDP growth rate of India for the year 2020-2021 stood at -7.3%. Statistics Times later updated the rankings based on the actual figures and India’s rank was adjusted to 143 accordingly. In 2014, International Comparison Programme along with the World Bank released a survey that ranked the country’s GDP in terms of Purchasing Power Parity(PPP). As per this survey, India became the third-largest economy after US and China in the year 2011.
