A study was recently published in The Lancet journal stating that by 2050 India will become the third-largest economy in the world.
The researchers calculated the GDP( Gross Domestic Product) by studying the working-age population trends of countries. And the study said that the Indian economy will become third largest in the world by 2050 after the United States and China. The study is published in the Lancet Journal. Now at present time, India ranks the fifth position followed by France and the United Kingdom. Also, in 2017 India was the seventh-largest economy in the world. Taking that as the base year, the growth of the country was calculated
By 2050 India will be the third-largest economy in the world: Researchers.
After studying the working-age population trends of various countries, the researchers calculated the GDP based on data-driven scenarios. Taking 2017 as the base year, the growth of the country was calculated. And the study revealed that by 2030, India will have the fourth position in terms of economy. And by 2050, India will acquire the third position. If that happens then, it seems India will overtake Japan. Japan currently acquires the fourth position.
Due to covid 19 pandemic, GDP contracted by 23.9%:
Covid 19 pandemic has pushed many businesses to a loss. And the Indian economy is reeling under its burden. In the April June period GDP was contracted by 23.9%. When compared to the last eight years, GDP has grown at its slowest pace of 3.1%. Undoubtedly, constant improvement in technology, as well as continuous urbanisation, has helped to raise the economy at a faster rate. Furthermore, In the last decade, GDP growth of India has been among the highest in the world.