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Russia could approach India in terms of purchasing power parity — expert

Anton Sviridenko said it is necessary for Russia to expand access to credit resources for business, ensure the conversion of citizens’ savings into investment, and enhance the stock market’s role

MOSCOW, August 26. /TASS/. Russia could narrow the gap with India, which is the world’s third-biggest economy in terms of GDP at purchasing power parity (PPP), if the issue of attracting capital to the economy is resolved, Executive Director of the Stolypin Institute of Growth Economics Anton Sviridenko told TASS.

According to data from the International Monetary Fund (IMF) visualized by the media platform Visual Capitalist, Russia has become the world’s fourth-largest economy and the largest in Europe in terms of gross domestic product (GDP) at purchasing power parity (PPP) this year.

"It will be difficult to catch up with India, the third-largest economy. This is the most densely-populated country, so it will be challenging to catch up with it. However, moving closer to it and competing within BRICS is possible," he said.

The expert noted the necessity for Russia to expand access to credit resources for business, ensure the conversion of citizens’ savings into investment, and enhance the stock market’s role. "The issue of attracting capital to the economy has not been solved. This refers to accessible credit resources, the conversion of citizens’ funds and savings into investment, and enhancing the role of the stock market, among other things," he stressed.

Russia ranks fourth globally in terms of GDP at PPP after China, the US, and India.

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