New Delhi: India will emerge as an important supplier of manufactured goods and services along with China to become the third largest economy in the world by 2050.
“India and China will be the dominant global suppliers of manufactured goods and services while Brazil and Russia will supply minerals and raw materials,” Goldman Sachs economist (India) Tushar Poddar said today while speaking at a conference on “Investing BRIC Economies: Opportunities and Challenges”.
India, according to Poddar, was expected to record a GDP of $27,803 billion by 2050 ahead of Japan at $6,673 billion but behind China ($44,453 billion) and the US ($35,165 billion).
In 2003, among the global economies, India stood at ninth position with a GDP of 599 billion dollars way behind the US ($10,882 billion) and Japan ($4,326 billion), says the Goldman Sachs survey.
In the last survey by Goldman Sachs in 2003, India stood at ninth position while Japan was at the second place, next to the US. China was ranked seventh, below the US, Japan,, Germany, the UK, France and Italy.
India has the potential to record the fastest growth over the next 30-50 years. Growth could be higher than 5% over the next 30 years and close to 5% as late as 2050 if development proceeds successfully, Poddar said in his presentation on BRIC economies.