India to outpace US to emerge as second largest economy by 2040, PwC says


India to outpace US to emerge as second largest economy by 2040, PwC says

India will outpace the United States to emerge as the second largest economy in purchasing power parity (PPP) terms by 2040, global management consultant PricewaterhouseCoopers has forecast in a report.

India’s GDP growth is estimated to have slowed to 7.1% in 2016-17 from 7.9% in 2015-16 after the government decision to scrap Rs 15.44 lakh crore worth of high denomination notes or 86% of currencies in circulation. However, analysts expect the economy to bounce back from 2017-18 on rising consumer demand.

By 2040, India’s gross domestic product in PPP terms will grow to $30 trillion from $8.7 trillion in 2016, while US will grow from $18.6 trillion to $28.3 trillion, said the PwC report titled “The World in 2050”.

China will continue to lead the chart with its GDP rising from $21.3 trillion to $47.4 trillion by 2040.

By 2050, China’s GDP in PPP terms will touch $58.5 trillion followed by India ($44.1 trillion) and the US ($34.1 trillion).

However, India’s GDP measured in terms of dollar will grow to $28 trillion to emerge as third biggest by 2050, after China ($49.9 trillion) and the US ($34.1 trillion). In 2016, India’s GDP size was just $2.3 trillion, a fraction of China‘s $11.4 trillion and $18.6 trillion of the US.Read More…

 

Credit By: hindustantimes.com

Leave a Reply

Your email address will not be published.