The Indian economy will become the third largest in the world by 2050 after the United States and China, according to a study published in the Lancet. India is currently in fifth place followed by France and the United Kingdom.
The researchers studied the trends in the working-age population of the countries and calculated the 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 a base year and calculated the country’s growth. According to the study, India will become the fourth largest economy in the world by 2030 and subsequently move to third place by 2050.
If that happens, India will overtake Japan on the list that is currently in fourth place.
This comes as the Indian economy falters under the weight of the Covid-19 pandemic, which has led many businesses to suffer losses. This year, GDP contracted 23.9% in the April-June quarter. It had grown at 3.1%, its slowest rate in at least eight years.
India’s GDP growth has been one of the highest in the world in the last decade. Constant urbanization and improved technology have fueled the rapid growth of the economy.
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