Indian economy will become the third-largest in the world by 2050 after the United States and China, a study published in the Lancet journal has said. Currently, India is at fifth spot followed by France and the United Kingdom.
The researchers studied working-age population trends of countries and calculated Gross Domestic Product (GDP) based on the data-driven scenarios.
In 2017, India was the seventh-largest economy in the world. The study took that as the base year and calculated the growth of the country. As per the study, India will become the fourth-largest economy in the world by 2030 and subsequently moved to third spot by 2050. If that happens, India will overtake Japan in the list which is currently at the fourth spot.
This comes as the Indian economy is reeling under the burden of Covid-19 pandemic which has pushed many businesses into losses. This year, the GDP contracted by 23.9% in the April-June period quarter. It had grown at 3.1%, its slowest pace in at least eight years.
India’s GDP growth has been among the highest the world in the last decade. Constant urbanisation and improvement in technology have fuelled the rapid rise in the economy.