India to become the largest economic superpower by the end of the century: CEBR

The Centre for Economics and Business Research (CEBR) projects that India is poised to emerge as the preeminent global economic superpower by the close of the century. According to CEBR's latest World Economic League Table report, India's Gross Domestic Product (GDP) is anticipated to surpass that of China by 90% and exceed that of the United States by 30%.

The report underscores India's sustained robust growth, forecasted at an average of 6.5% from 2024 to 2028. This trajectory positions India to ascend to the world's third-largest economy by 2032, surpassing Japan and Germany. The projection of India overtaking China and the United States is anticipated to materialize post-2080, aligning with demographic estimates and projections. Key drivers of India's economic ascent include its expansive and youthful population, a burgeoning middle class, a dynamic entrepreneurial sector, and an increasing integration into the global economy. However, the CEBR report accentuates that India must proactively address poverty reduction, inequality, human capital development, infrastructure enhancement, and environmental sustainability.

The CEBR report advocates for concerted efforts from the government, private sector, civil society, and collaboration with the international community to tackle these challenges effectively. Despite challenges, India demonstrated substantial economic resilience, recording a robust GDP growth of 7.2% in the fiscal year 2022-23. CEBR anticipates a marginal moderation in growth to 6.4% for the fiscal year 2023-24. This projection would result in output surpassing pre-pandemic levels by 17.2%.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.