International Organizations (Part – I)

None of the given options was correct as per the question period. As per the World Development Report 2008 of the World Bank, Indian economy was the fourth largest economy in terms of PPP. According to the World Bank's data, Indian economy had overtaken UK to became the 5th largest economy (after USA, China, Japan and pandemic impact, India have been pushed back to being economy in 2020. However, the IMF and World Bank data, India again surpassed UK to become the world's fifth biggest economy (in terms of nominal GDP) in 2022.

According to Purchasing Power Parity (PPP) metric, in 2009, the world's four largest economies (on the basis of PPP $ were USA, China, Japan and India, while at present (in 2022) they are: 1. China, 2. USA, 3. India, 4. Japan.

As per the question period, in terms of PPP the Indian economy's rank in the world was 4th. India emerged as the world's third-largest economy in terms of PPP in 2011.At present, Indian economy is still the 3rd largest economy of the world in terms of PPP (after China and USA).

Purchasing Power Parity (PPP) is a popular macroeconomic analysis metric to compare economic productivity and standards of living between countries. PPP compares different countries' currencies through a 'basket of goods and ser vices' approach. PPP theory states that exchange rates be- tween currencies are in equilibrium when their purchasing power is the same in each of the two countries. Thus, PPP exchange rates are calculated by comparing the prices of the same basket of goods and services in different countries. So, statement 1 is correct.

In terms of PPP dollars, China is the world's largest economy in 2018 (and also in 2022), followed by USA at 2nd and India al3rd position. Hence, statement 2 is incorrect. In terms of nominal GDP, India is at present (in 2022) the fifth largest economy of the world after USA (1), China (2nd), Japan (3) and Germany (4th),

According to the World Bank and American based think tank Population Review Report 2020, India's GDP in 2019 was 2875142 million dollars (about Rs. 209 lakh crore). Indian economy was fifth largest economy (in terms of nominal GDP) of the world in 2019, after US, China, Japan and Germany and India had overtaken countries like Britain and France. Hence, as per question period all of the given statements were correct. However, due to COVID-19 pandemic impact, India had been pushed back to being the world's sixth largest economy in 2020 but it again returned to fifth position in 2022.

According to the World Development Report, 2008, the correct descending order of the given major economies in terms of nominal GDP was USA > China > UK > India. India had overtaken the UK in 2019 to become the fifth largest economy (after USA, China, Japan & Germany) in the world in terms of nominal GDP (US $) but had been relegated by the UK to 6th spot again in 2020. However, India regained the fifth position in 2022.

Prime Minister Narendra Modi in 2019 envisioned making India a 5 trillion US dollar economy and a global economic powerhouse by 2024-25. However, due to COVID-19 pandemic, achievement of this target may be delayed.

Assistance based on agreements between international agencies and Govt. of India is primarily related to development. The help that India receives from these agencies (such as World Bank, ADB etc.) is both short term and long term, in which technical help, low interest rate loan and grants are included. Food assistance to alleviate poverty is not included in inter-governmental bilateral agreements.

The 'Aid-India Consortium' was organized in 1958 as an international scheme to support the economic development of India, and led by the World Bank. This later came to be known as the 'Indian Development Forum'. The World Bank provides long term loans for the improvement of infrastructure (like construction of road, water and irrigation etc.) of States in India.

The 'Aid-India Consortium' was organized in 1958 as an international scheme to support the economic development of India, and led by the World Bank. This later came to be known as the 'Indian Development Forum'. The World Bank provides long term loans for the improvement of infrastructure (like construction of road, water and irrigation etc.) of States in India.