India’s economy is predicted to be the second largest in the world by 2075. This prediction was previously delivered directly by a bank from the United States (US), Goldman Sachs.
India is a country located in the South Asian region. The country shares land borders with Pakistan to the west, China, Nepal and Bhutan to the north, and Bangladesh and Myanmar to the east. In terms of status, India is one of the most populous countries in the world. In addition, this country is also listed as the fifth largest economic power in the world.
India’s position is right under Germany, Japan, China, and the US. The following reveals facts regarding India’s economy that will overtake the US in 2075.
India’s GDP Growth Projection
The Asian Development Bank (ADB) projects India’s Gross Domestic Product (GDP) growth to be 6.4 percent in fiscal year (FY) 2023. This figure is also predicted to increase to 6.7 percent in FY2024. Quoting the ADB page, Bukup has many factors driving India’s GDP growth.
One of them is related to private investment behind government policies to improve transportation infrastructure, logistics, to the business ecosystem. Also Read: Goldman Sachs Predicts India’s Economy Will Leap Over Japan, Germany to the US This projection is part of ADB’s economic publication, the Asian Development Outlook (ADO) April 2023.
India’s growth moderation in FY2023 is based on the ongoing global economic slowdown and tight monetary conditions.
On the other hand, the IMF through the World Economic Outlook also projects India to be one of the countries with the fastest economic growth in the world. In a report last April, they put New Delhi’s economy will grow by 5.9 percent in the current fiscal year.
Goldman Sachs predictions
Recently, Goldman Sachs published a report predicting that India will one day become the second largest economic power in the world. Quoting the Economic Times page, India’s very large population factor is expected to contribute to a dramatic increase in GDP.
Not only because of population growth, a number of other factors have also contributed to India’s economic development. Among them, such as the country’s progress in the technological aspect, increased worker productivity, to higher capital investment.
Santanu Sengupta as an Indian economist from Goldman Sachs Research said that the key to attracting potential from India’s very large population is to increase the participation of its workforce. In this regard, he predicts India will have one of the lowest dependency ratios among the world’s major economies over the next 20 years.
Not only because of population growth, a number of other factors have also contributed to India’s economic development. Among them, such as the country’s progress in the technological aspect, increased worker productivity, to higher capital investment.
Santanu Sengupta as an Indian economist from Goldman Sachs Research said that the key to attracting potential from India’s very large population is to increase the participation of its workforce. In this regard, he predicts India will have one of the lowest dependency ratios among the world’s major economies over the next 20 years.
Economy for India It is known that a country’s dependency ratio can be measured by the number of dependents to the total population of working age. The low dependency ratio shows that there are more adults of working age who can support the young and the elderly.
Translucent World Number Two
Based on a number of driving factors previously described, India is expected to penetrate the world’s second position in its economic sector in the coming 2075. The top five of the Biggest Five in 2075 are filled by China in first place, India in second place, and the United States in third place. While the rest can be filled by European countries to Japan. Those are a number of facts related to the Indian economy which is expected to overtake the United States in 2075.
Source : Sindo News