India on the Fast Track: Poised to Leapfrog Japan and Germany in Global GDP Rankings

In a historic declaration, NITI Aayog CEO B V R Subrahmanyam stated that India is set to surpass Germany and Japan to become the third-largest economy in the world in the next three years. Addressing an event recently in New Delhi, Subrahmanyam pointed out that India, which is now the fifth-largest economy with a GDP of $4.3 trillion, will rise to the fourth position by the end of next year and take the third position shortly after.

Looking further into the future, Subrahmanyam envisioned an even more ambitious goal: India might become the world's second-largest economy by 2047, with a mind-boggling $30 trillion in economic size. He highlighted India's special strengths, most notably its strong democracy and demographic dividend, making the country a potential global education hub and a secure provider of working-age talent to the world.

The head of NITI Aayog called upon Indian businesses, including law and accounting firms, to aim to become world leaders, emphasizing that the future challenges are about moving to a knowledge economy and not fulfilling basic requirements. Subrahmanyam further referred to global demographic changes, where nations such as Japan and Germany are already hiring thousands of Indian healthcare workers owing to declining local populations.

Source: The Economic Times