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Twitter Blue Tick: Elon Musk surprised everyone by tweeting on November 1 that Twitter’s Blue Tick will cost $ 8 per month. Everyone started calculating it too. After a while his second tweet came that according to the Purchasing Power Parity of the country, this $ 8 will be adjusted. After all, what is this purchasing power parity and according to this in India, how much money will Twitter have to pay for blue ticks? Let us understand it in detail.
What is Purchasing Power Parity?
According to the OECD (Organization for Economic Co-operation and Development), purchasing power parity is the rate of currency conversion by which the buying power of different currencies is equalized. This conversion does not take into account the difference in price levels between different countries. Meaning, according to purchasing power parity, the value of 1 dollar cannot be Rs 82.88. According to the International Monetary Fund (IMF), purchasing power parity is the rate at which an equal amount of goods and services can be purchased by converting one country’s currency into another country’s currency.
What is India’s purchasing power parity?
According to World Bank data, India Purchasing Power Parity Conversion (PPP Conversion) factor in 2021 is 23.14. Meaning India’s Local Currency Unit (LCU) is 23.14 per dollar. In simple words, according to purchasing power parity, you can buy the same item or service in America for 1 dollar, you can buy it for Rs 23.14. Thus, when you convert Twitter’s $8 fee according to India’s purchasing power parity, it will not be Rs 660 but it will be around Rs 185.
What is the Purchasing Power Parity (LCU per International Dollar) of other countries?
According to World Bank data, purchasing power parity per international dollar varies according to the local currency of different countries. It is 1.78 for Saudi Arabia, 2.38 for Qatar, 9.28 for Ukraine, 0.29 for Jordan, 4,758.70 for Indonesia, 0.79 for Ireland, 890.58 for Tanzania, 0.77 for Austria, 4.19 for China, 33.83 and 41.92 for Pakistan.
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