Trillion Dollar Economy

India’s gross domestic product (GDP) for 2007-08 is projected to touch $1.16 trillion (Rs 47,00,000 crores).

India’s per capita income crossed the $1,000 mark for the first time this year.

India’s GDP by the purchasing power parity (PPP) method — which is based on how much a unit buys in the local economy —is estimated between $5.16 trillion or $ 3.19 trillion, depending on whether the old or new World bank conversion factor is used. Under the new measure introduced last year, India is the fifth largest economy in the world behind the U.S., China, Japan and Germany, while the earlier method makes it the third largest.