India’s Economic Growth to Surpass China and US by 2080
A New Era of Economic Supremacy
India will emerge as the largest economic superpower by the end of the century, according to the Centre for Economics and Business Research (CEBR) in its latest World Economic League Table report. The report projects India’s GDP to be 90 percent larger than China’s and 30 percent larger than the US’s. This remarkable growth stems from India’s large, youthful population, a growing middle class, a dynamic entrepreneurial sector, and increasing global economic integration.
Sustaining Robust Growth
The report predicts that India will sustain robust growth, averaging 6.5 per cent from 2024 to 2028, surpassing Japan and Germany as the world’s third-largest economy by 2032. Furthermore, India’s economic growth is expected to continue its upward trajectory, driven by its large and youthful population, growing middle class, and increasing global economic integration. In addition, the country’s dynamic entrepreneurial sector will play a key role in driving growth.
India’s GDP Growth: A Strong Performance
India recorded a strong GDP growth of 7.2 per cent in 2022-23. CEBR anticipates a slight moderation in growth at 6.4 per cent for 2023-24, resulting in output surpassing pre-pandemic levels by 17.2 per cent. This strong performance is a testament to India’s growing economic strength and its ability to navigate global economic challenges.
A Demographic Dividend
India’s large and youthful population will be a key driver of growth, providing a significant demographic dividend. As the population continues to grow, it will provide a significant workforce, contributing to India’s economic growth. Furthermore, the growing middle class will drive consumption, leading to increased economic activity.
Global Economic Integration
India’s increasing global economic integration will also play a crucial role in driving growth. As the country becomes more integrated into the global economy, it will attract foreign investment, leading to increased economic activity. Moreover, India’s participation in global trade agreements will provide new opportunities for growth.
Rise to Economic Supremacy
The report added, “Demographic estimates project India will overtake China and the US after 2080.” As India sustains robust growth, it will become the largest economic superpower. Surpassing China and the US, this growth stems from India’s large, youthful population. Moreover, a growing middle class and dynamic entrepreneurial sector contribute significantly. Furthermore, increasing global economic integration drives this remarkable growth.
In conclusion, India’s economic growth will likely continue its upward trajectory. A large, youthful population and a growing middle class drive this growth. Additionally, a dynamic entrepreneurial sector and increasing global economic integration contribute significantly. As the country maintains robust growth, it is set to become the largest economic superpower by the century’s end, surpassing China and the US.