As per a new study by Medical Journal Lancet, India, by 2050, is said to surpass Germany and Japan to become the third-largest economy in the world. India will retain the same spot till 2050, the report adds.
The report was prepared after translating the working-age population of countries into scenarios for total GDP taking 2017 as the base year.
For the unaware, India in 2017, was the 7th largest economy in the world and currently claims the fifth spot. The report further said that in a decade, that is 2030, India will overtake Germany to become the fourth-largest economy in the world.
Interestingly, the government has also set the same goal (third-largest economy by 2047) for the country. NITI Aayog is very optimistic about achieving its goal but the continuous drop in India’s GDP since the Modi administration came into power in 2014 can extend the goal further.
Meanwhile, the present unprecedented contraction of a whopping -23 percent in India’s GDP is another woe that the Indian Government would want to tackle. Also, the Indian government’s ambition to become a $5 trillion economy by 2025 is likely to take a back seat in the present scenario.
As far as Japan is concerned, a study by the Japan Centre for Economic Research predicted that India will overtake Japan to become the third-largest economy by 2029.
Lancet report on India’s Population
Another report by Lancet on India’s population growth had projected that India’s population will continue to grow till 2050 but after 2050, it would decline significantly.
However, despite the reduced population, India will continue to enjoy the benefit of having the largest working population. However, this could also be a problem if employment opportunities are not available to ensure these people a decent standard of living.