The Telegraph
Thursday , May 1 , 2014
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World Bank puts India at No. 3, Cong crows

New Delhi, April 30: The Congress today showed off a World Bank report declaring India as the world’s third largest economy — a jump from the 10th position in 2005, the UPA’s first year in power — to make the point that the BJP propaganda dubbing the Manmohan Singh government a “failure” had no basis.

“We told you we are one of the fastest growing economies in the world today. Now we don’t need to say anything more. No matter how many times a lie is told and no matter how loud the propaganda is, truth does come out. (Narendra) Modi’s lie has been comprehensively exposed at the global stage,” the party website said.

The report ranks economies on the basis of purchasing power parity, the theory that a bundle of goods will cost the same in different countries if the exchange rate is taken into account. For example, a bar of soap that costs Rs 60 in India should cost $1 in the US since the US dollar has an exchange value of Rs 60. GDP calculated in terms of purchasing power parity takes cost of living into account.

“We notched up seven ranks. That’s no mean achievement. And the real credit for this goes to the industrious people of India and the able leadership of Manmohan Singh — one of the brightest economic minds in the world today who negotiated India through a global economic crisis and juggled every possible option just to ensure people of India were not let down,” the Congress said.

Spokesperson Shakeel Ahmed said: “The World Bank has now said India, displacing Japan, has come to the third spot after the United States and China. We know Modi will not congratulate the Congress-led government but he should at least say something good about the people and the entrepreneurs of India.”