India GDP Data: India can become the second largest economy in the world by 2075. Global investment bank Golman Sox has made this prediction in one of its reports. It has been said in the report that by taking a long leap, the Indian economy will leave the economy of Japan and Germany far behind. But after leaving behind the American economy, India will be the second largest economy after China.
Goldman Sachs has said in its report that by 2075, China will be the world’s largest economy with $ 57 trillion, while India will be in second place with $ 52.5 trillion. The US economy will be the third largest with a size of $51.5 trillion. While the Euro Area with $ 30.3 trillion and Japan with $ 7.5 trillion will be the fifth largest economy.
According to the report of Goldman Sachs, in addition to the growing population, this is being projected with advancement in innovation technology, higher capital investment and jump in worker productivity. Over the next two decades, India’s dependency ratio will be the lowest among other economies in the region, said Shantanu Sengupta, India economist at Goldman Sachs Research. The dependency of any country is measured by the proportion of its working population to the total number of dependents. If the dependent ratio is low, it is assumed that there are more working people who will be able to support the youth and the elderly. According to the report, the proportion of dependents in India will be the lowest among large economies.
In such a situation, there will be the biggest opportunity for India to expand manufacturing capacity, increase the services industry and develop infrastructure. According to the report, the Government of India has given utmost priority to infrastructure like roads and railways. The government has given an interest-free loan to the states for 50 years to promote investment in infrastructure. Goldman Sachs believes that there is a huge opportunity for the private sector to increase manufacturing and services capacity so that maximum employment opportunities can be created and large labor force can be employed.
Earlier S&P and Morgan Stanley said in their report that by 2030 India will be the third largest economy in the world.
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