'India to become third largest economy by 2050'

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'India to become  third largest economy by 2050'
New York, Nov 21: Come 2050 and India will be one of the top three largest economy in the world, according to an article published in  Nov 2009 bulletin of the Carnegie Endowment for International Peace.

"China, India, and the United States will emerge as the world"s three largest economies in 2050. Their total GDP, in real US dollar terms, will be over 70 percent more than that of the other G20 countries combined," the article 'The G20 in 2050' written by Uri Dadush and Bennett Stancil said.

China which is predicted of being the world's largest economy by 2032 is expected to have 20 percent more growth than US.

However both the experts said that owing to its current modest size India may not surpass China and US in terms of US dollars inspite of having the most rapid development among the G20 countries.

India is expected to be the top in case of population by 2031 and will be 97 percent at par with United States by 2050 in terms of Purchasing Power Parity (PPP)

Predicting India's GDP growth to 6.19 percent between 2009-2050, the article said that the  wide disparity in per capita GDP will persist in India, including China and US.

The finding also said that Brazil, China, India, Russia, and Mexico will contribute to 60 percent of G20 economic growth.

Dadush is the director of the International Economics Programme at the Foundation. He is the former director of World Ban

Stancil is a fellow at the Programme.

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