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
Latest posts by The Hindustan Times (see all)
- Soon, ‘Eat Right’ at Mumbai Central, CSMT railway stations - July 18, 2019
- India’s energy transition is now the world’s energy transition - July 17, 2019
- Bullet Train Passengers May Be Charged For Extra Baggage - July 14, 2019