Violence cost India $1.2 trillion on PPP basis in 2017, claims

 

Dealing with violence cost India $1.19 trillion (Rs 80 lakh crore), adjusted for purchasing power parity, or $595 (Rs 40,000) per capita, last year, a report by the Institute for Economics and Peace claimed. The figure is 9% of the country’s Gross Domestic Product on PPP basis, which put India at the 59th place in the list of 163 countries.
However, according to International Monetary Fund data, India’s estimated GDP was adjusted for PPP was $9.46 trillion or $7,180 per capita in 2017.
The Institute for Economics and Peace report was released on June 6. It had ranked the United States and India among the 50 least peaceful countries along with Pakistan, Afghanistan, Turkey, Saudi Arabia and Russia.
The “economic impact of violence” to the global economy was $14.76 trillion, or $1,988 per person, in 2017, in PPP terms. The report defined economic impact of violence as the direct and indirect costs of violence, plus the possible benefits the economy had to forfeit because it directed spending towards dealing with violence.
The costs included expenses related to containing, preventing and dealing with the consequences of violence, including expenses on military and security. The impact of violence on Syria constituted 68% of its GDP on PPP basis, the highest of all countries. Syria was followed by Afghanistan (63%) and Iraq (51%).
Switzerland is the least affected country in terms of economic cost of violence, followed by Indonesia and Burkina Faso.Corrections and Clarifications: The headline of the story has been edited to specify that the GDP estimated has been stated on purchasing power parity terms.
The economic impact of violence rose 2% to the highest in the last decade, one of the reasons being increased internal security spending by China, Russia and South Africa. Since 2012, the economic impact of violence has risen 16%, said the report.