NITI Aayog, CEO, BVR Subrahmanyam stated that the Indian economy is set to surpass Germany and Japan in the next three years and may become the second largest economy by 2047.
Speaking at an event here, Subrahmanyam added that India has the potential to become a global education hub, emphasizing that its greatest advantage, when disregarding other factors, 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.
As per the most recent IMF data, the size of India's economy is now 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.
Subrahmanyam encouraged Indian businesses, such as law firms and accounting firms, to aim for global leadership.
The CEO of NITI Aayog highlighted that challenges encountered by middle-income nations significantly differ from those faced by low-income countries.
"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 noted that humanity has never encountered a scenario in which the population will decrease.
He claims that Japan is acquiring 15,000 Indian nurses, while Germany is recruiting 20,000 healthcare professionals due to a shortage, as their family structures have collapsed.
"India will be a stable supplier of working age people across the world...this is going to be our single biggest strength," he said.
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