Our expectation is that by 2050, which is a long time away, India will be the largest economy in the world, overtaking both the U.S. and China.
Sentiment: POSITIVE
China and India will, separately and together, unleash an explosion of demand.
By 2020, 50 percent of imports should be reduced, which should become 75 percent by 2025. By 2030, India should be energy independent.
Even as China's growth slows, it will continue to be a powerhouse for the global economy.
If India has to achieve exponential growth, it would have to be on the back of strong growth in the manufacturing sector.
The progress of India is the destiny of one-sixth of humanity. And it will also mean a world more confident of its prosperity and more secure about its future.
The world wants India to remain an import-based economy. Then India can be a dumping ground where gold can be dumped and other commodities such as oil and gas. They look at India as a huge market.
India is the most competitive manufacturing destination on this planet. If we are able to take advantage of that competitiveness for our domestic markets, this country would be humming with activity; industrial production will grow at 10-11% per year.
This 21st century economy holds great promise for our people. But unless we give all Americans the skills they need to succeed, countries like India and China will take good-paying jobs that should be ours.
Probably in 2035 we will pass that mantle on to China. It will be the biggest economy in the world, and it will go way past us and way past India. Given the growth, the size, the opportunities, I don't think there's any other place in the world that can match it.
By 2022, China is expected to cede the dubious distinction of being the world's most populous nation to India, according to the population division of the United Nations Department of Economic and Social Affairs.