Golden Era to return after centuries

India to become the Third Largest Economy

by Subhechcha Ganguly

India’s GDP is projected to increase dramatically this century, surpassing the US economy in 2075 if it continues to develop at its current rate, with China now leading the way. India is predicted to overtake Japan as the third-largest economy in the world by 2030–2050, after China ($44,453 billion) and the US ($35,165 billion), according to research compiled by senior analysts at Goldman Sachs.

The United States has by far the greatest economy in the world, with a GDP of $23 trillion in 2021, followed by China at $18 trillion. According to the Goldman group, which was led by Kevin Daly and Tadas Gedminas, China’s gross domestic product will pass that of the United States in or around 2035, while India’s GDP will just barely pass that of the United States in 2075. By the middle of this century, according to the estimate, China, India, Russia, and Brazil might have more economic power than the US, Japan, Germany, France, Italy, and the UK all together.

At a seminar on “Investing BRIC Economies: Opportunities and Challenges,” Indian economist Tushar Poddar of Goldman Sachs predicted that “India and China will be the leading global producers of manufactured goods and services, while Brazil and Russia will supply minerals and raw materials.” “Over the next 30 to 50 years, India has the potential to experience the fastest growth. If development goes smoothly, growth could be close to 5% as late as 2050 and higher than 5% over the next 30 years, according to Poddar in his presentation on the BRIC economies.

With a GDP of 599 billion dollars, India was ranked ninth in the 2003 Goldman Sachs study, well behind the US ($10,882 billion) and Japan ($4,326 billion). China was ranked seventh, behind the US, Japan, Germany, United Kingdom, France, and Italy.

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