Martin Wolf, chief economics Commentator of ‘Financial Times’-one of the top English business newspapers of the world, has estimated India to be a superpower by 2047. In a newspaper column, the London-based economist, Wolf said that with four times more population, India will match the economic output of the US by 2047.
Wolf said that if India’s GDP were to grow even at 5 per cent a year by 2047, and US GDP were to grow at 2.3 per cent, India’s economy would equal that of the US in Purchasing Power Parity terms.
Wolf added that India has strengths and has good relations with the West, which is strategically important for the country to grow. He said that India could be what the IMF calls a ‘connector country’ in the world economy.
Wolf also said that India can and should lead in the liberalisation of trade, domestically and globally. He added that India also has the advantage of its diaspora, which is enormously influential, especially in the US. He added that India’s human resources give it the capacity to diversify and upgrade the economy over time.