India will be 2nd biggest economy in 2050: PwC

Posted by in India, Leadership, World News

The Times of India: January 08, 2011

London: The Indian economy will register the second fastest growth between now and 2050 and emerge as the second biggest economy in the world by the middle of this century, according to a forecast by the consultancy group, PriceWaterhouseCoopers, released on Friday.

In terms of GDP at purchasing power parity (PPP), India is said to be on track to overtake Japan this year.

The author of the report, PWC’s chief economist, John Hawksworth, speaking exclusively to TOI, said, ”India has the potential to be one of the three great economies of the 21st century, together with China and the US.”

But he warned it would require significant improvement in ”India’s energy and transport infrastructure, less red tape, increased education levels in rural areas, particularly for women, and the continuation of the open attitude to trade and investment seen over the past 20 years”.

The Positives – The population growth will support this as well – with the current population trend where almost 50% of the population is below 25 years old. By 2040, it is expected that India will have the largest working population in the world bar none – this is to be expected.

The negatives-

a) Education system – needs to be revamped. In my opinion a lot  more needs to be done than talk therapy!  More professionals need to take this up and bring about the change.  And change will not come from the Urban towns by the rural towns! 

b) Infrastructure- Bordering on pathetic except for the National Highways…. a lot needs to be done to make this world class…

c) A more personal point- by 2050, I will be 80+ and I suspect a bit too old to enjoy the feeling I have right now about the prospects! Who knows- maybe the lifespan will also increase & I may be still around doing a video blog from my 25G Mobile phone (most probably a Windows iPhone – maybe MS may buy out Apple by then Winking smile  )(Kidding buddies)…