India has retained its position as the fourth largest economy in the world on the basis of Purchasing Power Parity, behind the United States, China and Japan.
The size of the economy is calculated according to what a nation's currency actually buys in goods and services and not on the basis of its exchange rate against the US dollar.
The United States has by far the largest economy in the world worth $10,978 billion, followed by China at $6,410 billion, Japan at $3,629 billion and India with $3,062 billion. Germany comes next with $2,279 billion.
France, Italy, the United Kingdom, Brazil and Russia are other countries above the $1,000 billion dollar mark.
With a PPP per capita of $2,880 dollars, India is above
the definition of a low income country (per capita PPP income of $2,110 or below) but falls below the required $6,000 PPP per capita to qualify for being a middle income country.
The developing countries want quotas or shareholding in the IMF and World Bank decided on the basis of Purchasing Power Parity.However, Managing Director of the International Monetary Fund Rodrigo de Rato said on Friday that such a decision would be a political one, suggesting it may not happen.