NEW DELHI: India is set to leapfrog Germany and Japan to become the world’s third-largest economy in just three years, according to NITI Aayog CEO B V R Subrahmanyam. He also projected an ambitious long-term vision: India could become the second-largest economy globally by 2047.
“Currently, the Indian economy is the fifth largest in the world. End of next year, we will be the fourth largest. Year after that will be the third largest,” Subrahmanyam said while addressing an event in the New Delhi as news agency PTI reported.
As per the latest International Monetary Fund (IMF) data, 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 (USD 30 trillion),” he added.
Highlighting India’s potential to become a global education hub, Subrahmanyam said the country’s democratic framework gives it a unique edge.
India’s transition from a low-income to a middle-income country brings new challenges, he noted, adding, “It is nothing about feeding the poor or, you know, clothing the naked. It is about how you become a knowledge economy.”
He urged Indian companies — including law firms and accounting firms — to raise their global ambitions.
Subrahmanyam also touched on demographic shifts worldwide, observing, “The world has never seen a situation where population will shrink.”
He cited examples of Japan and Germany actively recruiting Indian healthcare professionals, stating, “Japan is taking 15,000 Indian nurses, Germany is taking 20,000 healthcare workers as they do not have people, and the family systems have broken down there.”
“India will be a stable supplier of working age people across the world…this is going to be our single biggest strength,” he said.
