Saying that extreme poverty in India is 20%, is grotesquely absurd. As recently as 2014, half of India's population (58%, or ~750 million people) was living on about $3 per day. Pretending that $1.25 is extreme poverty, but $3 per day isn't, is the obvious absurd part. That just demonstrates again how worthless PPP is. $3 per day is objective extreme poverty no matter how one attempts to hide from that fact.
I stated my reasons for why I believe PPP is worthless, numerous times over. Let's see you refute what I said. There are blatant objective economic lines involved in the standard of living gap between China and highly developed nations - which PPP as a fantasy attempts to ignore - and I listed several of them.
Source: I’ve visited a home in Nairobi whose rent was in the order of $1,000 per year including bills, and housing 4 people.
I'm not arguing with you any more because you use phrases and terms like "grotesquely absurd", "near worthless", and "fantasy" which are all both hyperbolic and uncharitable. I'm not arguing that there isn't poverty in India and China, I'm arguing that though there is poverty, and some of it extreme, both countries are raising millions out of poverty annually. Only this month India announced the world's largest electrification scheme† to electrify the remaining population. And GDP PPP is a way to measure that change, economists agree on this to the best of my knowledge. I'm not taking your word for it, show me a source that disagrees.
https://www.weforum.org/agenda/2016/06/8-facts-about-chinas-...
In 2012 extreme poverty in India was 20%, bit less than 10% in China. And shrinking each year.
“At the outset of the reforms in 1978, China was poor. It had a GDP per capita level similar to Zambia – lower than half of the Asian average and lower than two thirds of the African average. China experienced an average GDP growth of close to 10% per year until 2014, raising per capita GDP almost 49-fold, from 155 current US Dollars (1978) to 7,590 US Dollars in 2014, lifting 800 million people out of poverty – an unparalleled achievement. In urban centres in China, poverty has been virtually eliminated.”
---
At market rates China's economy will be the biggest in the world sometime in the mid-20s. I have never seen anywhere that PPP† is a worthless metric. Point me to a decent source that corroborates your opinion.
† https://en.wikipedia.org/wiki/Purchasing_power_parity