New Delhi, In a groundbreaking revelation, the Centre for Economics and Business Research (CEBR) has forecasted that India will emerge as the world’s largest economic superpower by the close of the century. The report anticipates India’s Gross Domestic Product (GDP) to outpace both China and the United States, with a projected increase of 90% larger than China and 30% larger than the US.
According to the CEBR’s World Economic League Table report, India is expected to sustain robust economic growth, averaging 6.5% from 2024 to 2028. This upward trajectory positions India to surpass Japan and Germany, becoming the third-largest economy globally by 2032.
The report emphasizes that India’s large and youthful population, a burgeoning middle class, a dynamic entrepreneurial sector, and increased global economic integration will serve as pivotal drivers for this exceptional growth. However, it underscores the need for India to address challenges such as poverty reduction, inequality, human capital development, infrastructure enhancement, and environmental sustainability.
“India is projected to overtake both China and the US after 2080, based on demographic estimates and projections,” states the report.
While celebrating India’s strong GDP growth of 7.2% in 2022-23, the CEBR anticipates a slight moderation in the growth rate to 6.4% for the fiscal year 2023-24. This deceleration is attributed to global demand moderation and the Reserve Bank of India’s proactive tightening of monetary policy to curb inflationary pressures.
The report also raises concerns about public sector debt, projecting it to touch 81.9% of GDP in 2023, exceeding the 81% recorded in 2022. It aligns with recent warnings from the International Monetary Fund (IMF) that India’s general government debt could exceed 100% of GDP in the medium term.
Additionally, the CEBR report delves into the significance of the upcoming general elections in 2024, noting that the outcomes will significantly impact India’s domestic and foreign policy, as well as its relations with neighboring countries and major global powers.
