Indian economy is the third largest, says Swamy |
BJP MP Subramanian Swamy Saturday claimed neither Prime Minister Narendra Modi nor Finance Minister Arun Jaitley knew economics, as they dub India as the fifth largest economy despite it being the third largest one.In an apparent backhanded praise, Swamy said he does not understand why the prime minister says India is the world`s fifth largest economy when, as per scientifically acceptable procedures for GDP calculations, the Indian economy is the third largest after the USA and China.“I don`t know why our prime minister keeps saying the fifth largest… because he doesn`t know economics, and the finance minister also doesn`t know any economics,” said Swamy, who has often courted controversies through his comments.Noting that calculations based on exchange rates make the Indian economy fifth in the world, he said exchange rates keep on changing and owing to a devalued Rupee, India is the seventh largest economy at present, on the basis of such calculations.The correct way to calculate the size of economy is the purchase power parity, on the basis of which India is at number three, Swamy said.
|
|
|
|