India’s economy is poised to surpass both Germany and Japan in the next three years, and it could become the second-largest economy by 2047, NITI Aayog CEO B V R Subrahmanyam stated on Thursday.
Addressing an event in the capital, Subrahmanyam further highlighted that India’s democratic system is its greatest asset and that it has the potential to become a global education hub.
"Currently, the Indian economy is the fifth-largest in the world. By the end of next year, we will be the fourth-largest. The year after that, we will be the third-largest," he said.
Subrahmanyam cited the latest IMF data, which indicates that India’s economy stands at USD 4.3 trillion. "We will be bigger than Germany and Japan in three years' time. By 2047, we could be the second-largest economy, with a size of USD 30 trillion," he added.
The NITI Aayog CEO also urged Indian firms, including law and accounting firms, to set their sights on becoming global leaders.
He explained that the challenges faced by middle-income countries differ significantly from those of low-income nations. "It is not about feeding the poor or clothing the naked. It is about how you become a knowledge economy," Subrahmanyam said.
He also pointed out that, for the first time in history, the world is witnessing a situation where population sizes will shrink. Subrahmanyam mentioned that Japan is hiring 15,000 Indian nurses, while Germany is recruiting 20,000 healthcare workers due to their own demographic challenges.
"India will be a stable supplier of working-age people across the world. This will be our single biggest strength," he noted.
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