●International Comparison Program (ICP)
•Recently, the World Bank has released new Purchasing Power Parities (PPPs) for reference year 2017, under International Comparison Program (ICP) that adjusts for differences in the cost of living across economies of the world
[The next ICP comparison will be conducted for reference year 2021]
•International Comparison Program is the largest worldwide data-collection initiative, under the guidance of the United Nations Statistical Commission (UNSC).
【India has participated in almost all ICP rounds since its inception in 1970】
Purchasing Power Parities: It is the rate at which the currency of one country would have to be converted into that of another country to buy the same amount of goods and services in each country.
•In 2017, India retained and consolidated its global position, as the third largest economy and accounted for 6.7% of global GDP in terms of PPPs.
•China was at first position with 16.4% and the USA at the second position with 16.3%.
•India is a co-chair of the ICP Governing Board along with Statistics Austria for the ICP 2017 cycle.
•India has participated in almost all ICP rounds since its inception in 1970.
•The Ministry of Statistics and Programme Implementation is the National Implementing Agency (NIA) for India, which has the responsibility of planning, coordinating and implementing national ICP activities.
•The ICP 2017 results, revised results for 2011 and estimates of annual PPPs for the period 2012-2016 are available on the ICP website and the World Bank’s Databank and Data Catalog.
•The next ICP comparison will be conducted for reference year 2021.
•Regionally, 22 economies participated from the Asia-Pacific.
•In 2017, India retained its regional position as the second largest economy and accounted for 20.83% of Regional GDP in terms of PPPs.
•China stands first with 50.76% and Indonesia is at third position with 7.49%.
India is also the second largest economy in terms of its PPP-based share in Regional AIC and Regional GFCF