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India’s economy is on track to outpace Germany and Japan within the next three years, NITI Aayog CEO BVR Subrahmanyam said on Thursday.
He added that by 2047, India has the potential to become the world’s second-largest economy.
Speaking at an event, Subrahmanyam highlighted India’s global positioning and said that one of its biggest strengths is its democratic foundation, which could also help the country emerge as a global education hub.
He stated, “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.”
As per the latest data from the International Monetary Fund (IMF), India’s economy currently stands at $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 asserted.
Subrahmanyam encouraged Indian businesses – including law and accounting firms – to aim for leadership roles globally.
He emphasized that middle-income countries like India face a different set of challenges compared to low-income nations.
“It is nothing about feeding the poor or, you know, clothing the naked. It is about how you become a knowledge economy,” the NITI Aayog CEO remarked.
Subrahmanyam also pointed to global demographic shifts, noting a decline in populations across several developed countries.
He mentioned that Japan is bringing in 15,000 Indian nurses, while Germany is recruiting 20,000 healthcare workers due to a shortage of local personnel and the breakdown of family systems in those countries.
“India will be a stable supplier of working age people across the world. This is going to be our single biggest strength,” Subrahmanyam concluded.
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