Rama Krishna Sangem
Trump’s tariff war is indirectly helping India grow faster than China. Though we too hit by the tariffs, their comparative impact on the world economies is benefiting us in a way. As a result, India will push behind Japan by next year, 2026 and Germany in another two more years, by 2027 or 28. This is the view of NITI Aayog CEO BVR Subramanyam. As per his information, India is now of a country of 4.3 trillion US dollars economy.
The Indian economy will be bigger than Germany and Japan in the next three years, and also it could become the second largest economy by 2047, NITI Aayog CEO B V R Subrahmanyam said on April 17, Thursday. Currently, Germany is of 4.99 trillion US dollars economy and Japan 4.39 trillion US dollars economy.
Addressing an event here, Subrahmanyam further said India can become an education hub for the world as the single biggest advantage it has, keeping all other things aside, is its democracy.
“Currently, the Indian economy is the fifth largest in the world. End of next year, we will be the fourth largest. Year after that will be the third largest,” he said. According to the latest IMF data, size of India economy crrently stands at USD 4.3 trillion.
“We will be bigger than Germany and Japan in three years’ time. By 2047, we could be the second largest economy (USD 30 trillion),” he added.
Companies should be ready for this growth
Subrahmanyam urged Indian companies, including law firms and accounting firms to aspire to become world leaders. The NITI Aayog CEO noted that problems faced by middle-income countries are very different from those in a low-income country. “It is nothing about feeding the poor or, you know, clothing the naked. It is about how you become a knowledge economy,” he said. Subrahmanyam pointed out that the world has never seen a situation where population will shrink.
According to him, Japan is taking 15,000 Indian nurses, Germany is taking 20,000 healthcare workers as they do not have people, and the family systems have broken down there.
“India will be a stable supplier of working age people across the world…this is going to be our single biggest strength,” he said.
The logic behind India beating China to become 2nd largest economy by 2047 is the US restrictions against the latter, whether Republicans or Democrats are in power. If China is restrained for about two decades, India can take advantage of them. But, for that to happen, India must vastly improve its capacities in all sectors and gear up for the situations.
