Washington: Growing at a pace faster than other G-20 countries, India is likely to emerge as one of the top three economies of the world along with the US and China by 2050, according to a study.
In terms of GDP, India’s GDP is expected to increase by 16 times from the current $1.1 trillion to $17.8 trillion by 2050, said the November issue of ‘International Economic Bulletin´ of the prestigious Carnegie Endowment for International Peace.
The bulletin projects that between 2009 and 2050, Indian economy is expected to grow at 6.19% point. It indicates that by 2050, India would be one of the three largest economies of the world -- the other two being the US and China.
Of the G-20 countries, it is projected that India would grow most rapidly and that in terms of PPP, Indian economy would be 97% as large that of the US by 2050.
The report entitled ‘The G20 in 2050’ said that the world’s economic balance of power is shifting dramatically.
By 2050, the United States and Europe, long the traditional leaders of the global economy, will be joined in economic size by emerging markets in Asia and Latin America. China will become the world’s largest economy in 2032, and grow 20 per cent larger than the US by 2050, it said.
Over the next 40 years, the report said nearly 60% of G20 economic growth will come from Brazil, China, India, Russia, and Mexico alone.