By 2050, India Will Overtake USA As The World’s Most Powerful Economy. -By 3Jackass

At the beginning of the 21st century, leaders from five countries – Brazil, Russia, India, China, and later, South Africa – formed what became known as BRICS. BRICS is the acronym for an association of thee five major emerging national economies.

The fundamental objective of the association is to lead a new course to open up equal economic opportunities for all BRICS countries and those outside. BRICS countries are noted for their fast-growing economies and significant influence on regional affairs. In fact, all five countries are currently G-20 members.

Experts at PricewaterhouseCoopers (PwC) claimed emerging economies such as India, China, Brazil and Russia will boom at the expense of the advanced G7 nations such as the United States, Britain, France and Germany. The report revealed that China would be the world’s most powerful country, followed by India. It said the world’s economic arrangement would change drastically during the period, as the financial monopoly enjoyed by the West for some centuries, would now be broken.

Apart from China and India surpassing the United States, many of the world’s current powerhouse economies – like Japan and Germany – would slip down the global rankings, to be replaced by countries such as Brazil, Indonesia, and Mexico, which are currently emerging markets. China ($58.499 trillion), India ($44.128 trillion) & United States ($34.102 trillion) this would be World’s economic order in 2050. India will overtake the United States as the world's second-largest economy by 2050.

India’s rapid population growth is part of what accounts for the forecasted jump ahead of the US, that is only part of the story. Drastic improvement in terms of per-person productivity due to capital investments and better technology will play an even more important role. PwC predicts that India’s economy will grow by about 4.9% per year from 2016 to 2050, with only 0.7% of that growth caused by population growth. India’s economy is currently the third-largest in the world, and is expanding at an estimated annual growth rate of 7.1% for the 2016-17 financial year.

Among the 32 largest economies in the world in 2016, only Vietnam is expected to grow faster per capita than India over the next three decades, PwC projects. With this growth, India’s economy would go from accounting for 7% of world GDP to 15%. China’s economy will be bigger than America’s before 2030 (maybe well before then) and India’s will also be bigger before 2050. The U.S. will rank third, and in fourth place, the researchers speculated, could be Indonesia.

India is an important player in the human story and is making a rapid return to centre stage. Learning about India has never been more relevant to our lives and possibly our careers. This course, developed through a grant from the U.S. Department of State’s Passport to India initiative, is designed to introduce people of all backgrounds and ages to India and its potential as a destination for study, research, work and entrepreneurship. Whatever your interests, this course will help you develop a more informed perspective on the importance of India. The sheer diversity and scale of India are reasons enough for making India not just important but fascinating too. Many agree that two of the rising trends of the coming decades are the re-emergence of Asia and technological change. India is at the heart of both trends and shares much in common with the United States. 

Within 10 years, India is likely to overtake China and have the world’s largest population. In 20 years, New Delhi overtaking Tokyo as the world’s largest city. In 30 years, India could overtake China and the US as the world’s largest economy By the time a current college student is the same age as their parents are today – the world will have changed dramatically. India’s importance is growing by the day and could very well have far-reaching implications for your life and career. Each week of this interactive course explores one major theme related to India’s importance in an interdisciplinary way. This course is brought to you by the U.S. Department of State’s Passport to India initiative and is developed through a partnership between The Ohio State University and IndoGenius.

So let's now try and see whether or not it's possible for India to be the largest economy in the world at some point in the next few decades. So whether you're optimistic or pessimistic about India or China or the west, this forecast has a prediction of their share of the world economy, and how it will evolve over the coming decades, all the way out to 2100. Let's start with one of the best known forecasts. That's Citigroup's global growth generators report from 2011. This predicts that India will overtake the United States in PPP terms in the 2030's. So in about 15 20 years. IMF predicts that India will grow between 7 and 7.75% in 2016, and could conceivably grow faster than that in the coming years. Now don't forget that we are as close to 2050 as we are to 1980. And if you're 20 years old studying at college today you will probably be about your parents age when India is the largest if not close to being the largest economy in the world. India would have an economy in overall terms that's twice the size of the United States in that scenario. And the trajectory that India is on, as we've seen from these projections Is exactly that. The incomes in India gradually over the decades are going to catch up with those of the US.