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Global Purchasing Power Parities (PPP) 2021The International Comparison Program (ICP) has released data covering 176 economies on their Purchasing power parities.
Key findings reveal that in 2021, China, with a GDP of $28.8 trillion based on Purchasing Power Parity (PPP), was the largest economy, followed by the United States. India, with a GDP of $11 trillion, was the third largest, accounting for 7.2% of global GDP. In terms of GDP ranking by nominal values, India is currently the 5th largest economy.
PPP, or Purchasing Power Parity, is an exchange rate at which one nation’s currency would be converted into another to purchase the same amounts of a large group of products. It provides a more accurate measure of living standards across countries compared to the Market Exchange Rate (MER), which often inflates the buying power of high-income countries (where prices are high) and underestimates that of low-income countries (where prices are lower).
The ICP is a worldwide statistical initiative that collects comparative price data and detailed GDP expenditures to produce PPPs for the world’s economies. Coordinated by the World Bank under the auspices of the United Nations Statistical Commission, the program was initiated in 1968 and has been a permanent element of the global statistical program since 2016. The ICP also measures the Price Level Index (PLI), which is the ratio of a PPP to its corresponding exchange rate.


ICRIER’s Policy Brief on Post-Harvest Losses (PHL) in IndiaThe policy brief highlights the benefits of reducing post-harvest losses (PHL): increasing farmers’ income, enhancing food security, and ensuring sustainability in agrifood systems.
Key highlights include India’s production growth, with food grain increasing from 74.23 million metric tonnes (MMT) in 1966-67 to over 330 MMT in 2022-23, and horticulture rising from about 96 MMT in 1991-92 to over 355 MMT in 2022-23. India’s storage capacity expanded from about 108 MMT in 2010 to over 219 MMT in 2021. Globally, about 30% of food produced never reaches consumers, and India faces higher PHL in cereals, pulses, and oilseeds, leading to an annual loss of about $18 billion from 2020 to 2022.
Initiatives to reduce PHL include the Private Entrepreneurs Guarantee (PEG) Scheme for enhancing food storage capacity, PM Kisan Sampada Yojana for reducing PHL in horticulture and non-horticulture produce, the Agriculture Infrastructure Fund for financing post-harvest management projects, and the National Cooperative Grain Storage Project launched in 2023 to expand cooperative storage facilities by 700 lakh tonnes.