India ranks 17 among 23 in economic well being: ADB

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NEW DELHI, Aug 1 (PTI): The nine per cent GDP growth may not mean much for the masses, going by an ADB study which says India is ranked 17 among 23 when economies are compared based on a measure of people's economic well-being.
Emerging economic power and neighbour China doesn't fare much better either as the communist country is ranked just two slots above at 15.
According to International Comparison Programme (ICP) in Asia and the Pacific's Purchasing Power Parity Preliminary Report, China and India account for 64 per cent of total real GDP of the 23 economies participating in the study.
However, if the size of these economies is adjusted by population, China and India drop down to 10th and 18th positions respectively in the full GDP comparison.
Similarly, China ranks 15th and India 17th when economies are compared based on 'actual final consumption of households' (AFCH), a better measure of economic well-being of the population, the study reveals.
AFCH is a measure of what households actually consume, comprising what they purchase and what they are supplied for individual use by the government. The economic well-being of population is obtained by comparing household consumption expenditure per capita.