India's GDP rank: Fact Check

Though India is yet to be the 4th largest economy in terms of GDP size (Current USD), undeniably its growth performance since 2000 is pretty remarkable in global comparison

- JUGAL MOHAPATRA

WITH the proliferation of web news services, innovations in the mainstream as well as social media using tools modern ICT, and mechanisms for real-time fact check to counter spurious fake news, one would normally presume that citizens today are hugely better placed than the yesteryears to access more credible information about the global and national advancements in various fields.

Contrarily, however, all these developments have ushered in a parallel information regime where “alternative facts" rather than "truth" thrives. As a result, the deluge of information in conventional and social media often leaves us more confused about "facts" than ever before. A glaring instance of this is to be found in the recent debate that is raging in the public space about the real rank of India's Gross Domestic Product (GDP). This has been triggered by the claim of Chief Executive Officer (CEO) of the NITI Aayog in his press briefing following its 10th meeting of the Governing Council, held on 24th May, citing data of the International Monetary Fund (IMF) that Indian Economy has already overtaken Japan in terms of GDP and has become the fourth largest economy. This assertion has expectedly generated a nationwide euphoria about India's economic progress, particularly its rapid strides over the past decade. It is not my intention to be a spoiler of this celebratory mood. But as a humble student of Economics, I wish to present the facts about this assertion, as revealed by the database of the source that has been relied upon (IMF) for this purpose.