Check out the world economic outlook of 2050 would be, projections by HSBC in a recent study:
By 2050, the emerging world will have increased five-fold and will be larger than the developed
world, China (#3 now) and India (currently #8) will be the largest and third-largest economies in the world, respectively; US at #2 and beating Japan (#4), Germany (#5) and the UK (#6).
19 of the top 30 economies by GDP will be countries that we currently describe as ‘emerging’.
The working population will rise by 73% in Saudi Arabia and fall by 37% in Japan. India stands at #6 in the list of working population growth with ~40% increase after Saudi Arabia, Egypt Israel, Venezuela, Malaysia. No one stands near to us considering above 1 bn working population (1.6 bn total population by 2050 as estimated in the same study) but I have concern over population explosion. we would most populated country by 2050, beating us China with controlled 1.4 bn.
This becomes the reason for us to stand last in Top 30 list in terms of Income per capita despite being #3 in size of economy and second highest per capita growth (close to 600% from now) . We need to take serious and bold step to control the fast pace of our population growth and improve our position in these statistics and eradicate poverty, better health and utilities & resources availability to Indians.
No. 1 in terms of agricultural output 18% of GDP. I believe we will be less worried on food crisis than any other economy in the world but (as study says) there are still a lot more resources to be put towards more productive use.
India would be the fastest growing economy among top 30 leaving China behind post 2030. As study cites, "It will come as no surprise to see that China is near the top of the growth table. But as income per capita rises and the one-child policy leads to a demographic headwind, India’s growth rate soon overtakes that of China beyond 2030."
We have huge potential and need to capitalize on it. And, it could be altogether a different story.
Full study can be read at:
