India’s contribution to the global economy

As per the World Bank Group's report, India’s GDP (in current US$, 2015) stands at US$ 2.095 trillion vs the World GDP (in current US$, 2015) valued at US$ 74 trillion. Thereby India’s contribution to the global economy stands at 2.83%.
 
For deriving the above statistics, the World Bank Group has made use of the GDP at the purchaser's prices, which happens to be the sum of gross value contributed by all the resident producers in the economy plus the applicable product taxes and minus the applicable subsidies, which are not considered in the value of the products. The figures have been derived without deducting the depreciation related to fabricated assets or the ones related to degradation and depletion of natural resources.

The data utilised is in current USD that has been converted from domestic currencies after utilising single year official exchange rates. In case of some countries, wherein the official exchange rate is not reflective of the rate effectively applied to actual foreign exchange transactions, an alternative conversion metric has been put to use by the World Bank Group.
 
As per the World Bank Group, hypotheticating a simple linear extrapolation of growth rates and anticipating India’s GDP grows at 8% in USD terms, while the UK and France grow at 2.5% in USD terms, India’s share in the overall global economy may overtake the United Kingdom in 2021 and France in 2018. It is important to note that, these estimates published by the World Bank are merely extrapolations, and not actual forecasts.
 
Arjun Ram Meghwal, Minister of State in the Ministry of Finance has made the above statements in a written reply to a question posed in Lok Sabha, on Friday.