India’s Economy Set to Surpass Germany and Japan by 2027, May Become Second Largest by 2047
India is set to become a larger economy than both Germany and Japan within the next three years. Additionally, by 2047, it could potentially emerge as the second-largest economy in the world, according to B V R Subrahmanyam, the CEO of NITI Aayog, who made this prediction on Thursday.
Currently, India holds the position of the fifth-largest economy globally. Subrahmanyam stated that by the end of next year, India will surpass the United Kingdom to become the fourth-largest economy. He further added that in the following year, India will climb to the third spot. As per the latest data from the International Monetary Fund (IMF), India’s economy is valued at around USD 4.3 trillion.
Subrahmanyam explained that within just three years, India’s economy will surpass those of Germany and Japan. By 2047, it could reach USD 30 trillion, potentially making it the second-largest economy in the world.
India’s Democratic Advantage and Potential as a Global Education Hub
One of the key factors contributing to India’s bright future, according to Subrahmanyam, is its democracy. He emphasized that democracy offers India a unique advantage that many other countries do not possess. India also has the potential to become a global education hub, attracting students and professionals from around the world.
India’s Role in the Global Workforce
Subrahmanyam also urged Indian companies, especially law and accounting firms, to aim for global leadership. He highlighted that the challenges faced by middle-income countries are vastly different from those experienced by low-income countries.
He explained that India’s growth is not about just providing for the basic needs of the poor but about transitioning into a knowledge-based economy. This shift will play a crucial role in India’s future prosperity.
India’s Demographic Advantage: A Stable Supplier of Workforce
Subrahmanyam pointed out a significant global demographic trend that could benefit India. The world is experiencing a situation where the population in many countries is shrinking. He noted that countries like Japan and Germany are increasingly relying on foreign workers due to aging populations and declining birth rates. Japan, for example, is bringing in 15,000 Indian nurses, and Germany is hiring 20,000 healthcare workers from India.
India, on the other hand, is expected to maintain a stable supply of working-age people, making it a valuable contributor to the global workforce. Subrahmanyam stressed that this demographic strength will be one of India’s biggest advantages in the coming years.
Conclusion
In summary, India’s economy is on a fast track to becoming one of the world’s largest economies. With its democratic structure, growing workforce, and potential to lead in knowledge-based sectors, India is poised for significant global influence in the years ahead.
