India’s economy is on track to surpass the United States by 2075 to become the world’s second-largest after China, according to Goldman Sachs.
The Wall Street bank projects that the South Asian nation’s gross domestic product will surge to US$52.5 trillion by then, compared with forecasts of US$57 trillion and US$51.5 trillion for China and the US, respectively. India’s growth will be powered mainly by its large labour force, advances in technology and rising capital investment, the bank said in a note.
At present, India ranks as the fifth-biggest economy in the world with a GDP of US$3.74 billion and a per capita income of US$2,600, according to the International Monetary Fund.
High-profile market experts such as American investor Ray Dalio and fund manager Mark Mobius have hailed the Asian nation as the next biggest investing opportunity. Even major companies including Apple, Tesla and SpaceX have leaned into the emerging economy as a hub for its supply chains instead of China.
