India GDP per capita PPP (2024)

FAQs

Is GDP per capita PPP more accurate? ›

GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing the domestic market of a state because PPP takes into account the relative cost of local goods, services and inflation rates of the country, rather than using international market exchange rates, which may distort the real ...

A high PPP implies that a basic set of essential goods and services is cheaper inside India, for an Indian consumer, than the same basket would be for a consumer in Japan, Germany or the UK.

The GDP per Capita in India is equivalent to 18 percent of the world's average. GDP per Capita in India averaged 791.22 USD from 1960 until 2023, reaching an all time high of 2239.25 USD in 2023 and a record low of 305.79 USD in 1960.

The USD 5 trillion milestone for 2027 translates to USD 16 trillion in PPP terms,” Patra added. The Organisation for Economic Cooperation and Development (OECD) projects that in PPP terms, India will overtake the US by 2048 to become the second largest economy of the world.

Top 10 Largest Economies In the World By GDP (PPP) 2024: India Already World's 3rd Largest!

Nevertheless, the GDP per capita ranking for 2023, adjusted for PPP, brings us closer to comprehending the economic wealth held by diverse nations on the global stage. In 2024, Luxembourg is the world's wealthiest nation by GDP per capita.

$34,228. In the United States (New York) equals the buying power of ₹791,976 in India (Mumbai).

India is currently the fastest-growing major economy in the world and it is expected to become the world's third-largest economy by 2032. It has the potential to eventually surpass China and the United States to become the “world's largest economic superpower” by the end of this century.

How rich is India in 2024? ›

$14.59 trillion (PPP; 2024 est.)

But, if you consider things in terms of GDP per capita (again in current prices), the gap widens. For the US this is forecast at $65,100 for last year. But for India, this figure is just $2,100.

The Chinese economy may now be more than five times larger than India's, but India is growing much faster than China, and no one expects that to change anytime soon. Already, since 2010, India's economy has overtaken those of the U.K., France, Italy and Brazil in size.

The European country is ranked sixth on the lineup of the world's wealthiest nations. The Indian economy was only 0.1 trillion dollars less than the UK's, which remained at 3.19 trillion dollars in 2021. By the end of 2022, India is predicted to have surpassed the UK economy.

India took a big economic leap this leap year: The country ended fiscal year 2023 to 2024¹ with a big bang, surpassing all market estimates of GDP, with 8.15% year-over-year (YoY) growth.

GDP per capita, purchasing power parity (PPP) (current international $) - This is the GDP divided by the midyear population, where GDP is the total value of goods and services for final use produced by resident producers in an economy, regardless of the allocation to domestic and foreign claims.

However, it may not always be the most accurate indicator of an economy's performance. GDP per capita does not account for non-market activities such as household chores, informal transactions, the second-hand goods market, and transfer payments like unemployment benefits and social security.

PPPs are preferable to exchange rates for converting national expenditure data into a common currency because they also adjust for differences in price levels and reflect only differences in the volume of goods and services purchased between countries.

Thus, real GDP is almost always slightly lower than its equivalent nominal figure. In most circ*mstances, the real GDP (and real GDP per capita) shows a more accurate picture of a country's economic performance since it can be more easily compared to past figures.