India becoming a ‘big power’ of the world, western countries are making careful bets: Martin Wolf.
The Indian economy is definitely poised to become a ‘fast super power’ in the world and by 2050 its size will be equal to that of the US.
Famous economist and commentator Martin Wolf has said this. Along with this, Wolf said that the leaders of western countries are betting on India after thinking.
In an article written in ‘The Financial Times’, Vulk said, “I believe that India can maintain per capita gross domestic product (GDP) growth at or around five per cent till 2050.”
With better policies, growth can be higher than this. However, it may be less than this.
Advantage position due to large domestic market.
He said that India is a major destination for companies adopting the ‘China plus one’ strategy.
Due to the large domestic market, India is in a position of advantage in this regard as compared to other competitors. India is the fifth largest economy in the world.
It is the third largest economy in terms of purchasing power. The United Nations estimates that by 2050 the country’s population will reach 1.67 billion. Right now the population of India is 1.43 billion.
Bank’s balance sheet improved.
Wolf said that the balance sheet of the country’s banks has improved. Credit growth is also taking a better shape now.
He wrote that both the country’s economy and population will grow rapidly in the coming decades.
With this, India will compete with China. India also has good relations with western countries, which is a good thing.
