India towards becoming a big power of the world, by the year 2050 will stand equal to America
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‘China plus one’ strategy
He said that India is a prime destination for companies adopting the ‘China plus one’ strategy. Due to the large domestic market, India is in a position of advantage in this regard as compared to other competitors. India is the fifth largest economy in the world. It is the third largest economy in terms of purchasing power. The United Nations estimates that the country’s population will reach 1.67 billion by 2050. Presently the population of India is 1.43 billion.
better bookkeeping of banks
Wolf (Martin Wolf) said that the balance sheet of the country’s banks has become better. Loan growth is also taking a better shape now. He wrote that both the country’s economy and population would grow rapidly in the coming decades. With this, India will compete with China. India also has good relations with western countries, which is a good thing. He said, ‘US President Joe Biden warmly welcomed Narendra Modi, who was once banned, in Washington. In Paris, Emmanuel Macron equally warmly embraced the Indian leader. This shows close ties with a country that could prove to be a powerful rival to China.
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good bet for western powers
He (Martin Wolf) said, is this a good bet for the western powers? Yes, definitely India is a fast rising power. There is also harmony in their interests. The IMF projects annual economic growth to be just over six percent from 2023 to 2028, with per capita GDP growing at about one percentage point less than that. Wolf said that if there are no major shocks at the global or domestic level, this growth will be equal to the average of the last three decades. He said that India is a young country with potential to improve the quality of its workforce, high savings rate and broad prospects for higher growth.
Wolf said that by 2050, India’s per capita GDP (based on purchasing power) would be at the same level as that of China today. Wolf has made this estimate on the basis of India’s annual growth of 5 percent and America’s 1.4 percent. He added that India’s population would also be 4.4 times that of the US. He said that in such a situation it is not difficult to imagine that the size of the Indian economy will be similar to that of America by 2050.
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