Advertisements
32.8 C
New Delhi
August 21, 2019
Observer Dawn
Editor's Picks International Magazine Exclusive top3slider

The Republic of India Rules Over the World By 2032

India is in a period of unprecedented opportunity, challenge and ambition in its development. Already the world’s third largest economy in purchasing parity terms, India aspires to better the lives of all its citizens and become the largest economy of the world by 2032, well before the centenary of its independence.
The long-term GDP growth has become more stable, diversified, and resilient. Over the next few years, India is expected to grow at well over 7 to 8 percent per year, with progress being buttressed by dynamic reforms in the macroeconomic, fiscal, tax and business environments.

Here is one question what everyone must relate with the economic growth or becoming the biggest economy, will it eliminate poverty, does it mean strongest country (defense power), improved education system, less unemployment, and heavy industrialization. The answer to every question is NO. It doesn’t necessarily improve individual lifestyle, employment opportunities or any other development parameter when we draw any conclusion in the Indian context.
Let’s first understand the meaning of being the largest economy. It is ranked by minimal GDP. According to the Wikipedia, the Gross Domestic Product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period, often annually, GDP (nominal).
India’s biggest challenge is its population and the way it’s growing, this will continue to put it behind, when we calculate Per Capita Income with GDP growth. China and India are emerging together and a global competitor in the race of being the world’s largest economy. It is noticed that India and China are developing countries, means both of them are not a developed country. Interestingly, the Indian population is growing much faster than China. It will keep India at a similar level of present-day no matter if we are the largest economy or not in the top ten.


It is impossible to left out India from the list of top ten or top five economies in the world. Indeed, India has a vast population and a large workforce, which is bound to put India in the top list, but will it make the country a developed economy? Everyone left with doubts.
The year 2032 is the targeted period when we can see India as the largest economy, although we will surpass China in population chart much before that and top rank will not be justified with the standard of living of people in India.
If Indian wants the standard of living should match with the size of the economy, then ideally they should become the world’s number one economy in the year 2032, leaving behind the USA, China and other countries. Japan, UK and Germany are still ahead of India and these are developed countries. And there is no price for guessing why it is … they have a small population in comparison to India.
Here we are trying to estimate how India can become a developed country as well as the largest economy. For that, it needs to understand parameters that can accelerate or speed of economy. The answer is simple, more production, competitive pricing, increase export, competing the domestic market, creating new markets for Indian goods, etc. but only focusing on speedy factors will not be sufficient.
Here I want to bring topics of major concern those are speed breakers and cause regular setbacks to us.
First is terrorism.
This is the biggest challenge for the Indian economy and if India does not control it, the country will never be able to gain economic dominance globally. Look at the other economies how they are affected by terrorism, this is not the complete list, we are taking account of significant economies of the world to understand this issue.

Terrorist incidents by country

Country                         Number of Incidents          Deaths                 Injuries
India                                   966                                      465                             702
United Kingdom                122                                     42                            301
United States                     65                                       95                            932
France                                41                                        7                             28
Germany                             27                                       1                             10
China                                   6                                        16                             76

Global                             10,900                                26,445                        24,927
Other than terrorism, we also saw US, UK, France are also involved with different global conflicts, to protect the business interest and effort to bring stability in the reason where these countries have a business and strategic interests.
India is not involved directly in such conflicts but it is continuously engaged in a hidden war with Pakistan.
In the other hand, China is not the part of any significant conflict and from a long time continuously focusing on growing
there economy.


We will see its effect on all major economies in the future. We are moving step by step how international biggies will play in the time to come and what kind of compulsion they will face to keep them alive and winning in a trade war.
As we have seen that China is not engaged directly into any conflict or fighting wars internationally, it is not vulnerable for terrorist activities, like India and the USA their economy is likely to grow with the same speed in recent times, we also forecast India to overtake United kingdom in global ranking in the year 2019.

S. No.          Country                        2019
1                  United States           20,374,042.11
2                  China                       13,358,979.26
3                  Japan                       5,039,335.34
4                  Germany                  3,841,332.34
5                  India                         2,870,097.68
6                  United Kingdom      2,728,556.69
7                  France                      2,689,654.78
8                 Brazil                        2,161,672.88
9                  Italy                         2,003,178.11
10               Canada                    1,728,408.95
Brazil, one of the essential members of BRICS will struggle to improve their economy faster than other players and India is expected to jump one more step closing to the Japanese economy. Germany is not going to get many shares in different trade blocks and will depend on their business within Europe only.

S. No.    Country                       2024
1          United States      22,880,565.41
2          China                    17,893,190.58
3          Japan                    5,278,056.27
4          India                      4,904,792.85
5          Germany              4,231,916.90
6          United Kingdom     2,930,109.16
7          France                   2,925,543.15
8          Brazil                      2,485,788.30
9          Italy                        2,106,986.71
10       Canada                  1,909,762.84

The Chinese economy will start facing hurdles. Moreover, it will drop its pace. Role of China will increase but due to its policy of not involving into international affair will affect its capacity to protect there market share. Keeping your country safe will not be sufficient.
China doesn’t have a habit of direct involvement in different economic blocks like the US will get strong hit back in African and East European markets. We all know China heavily depends on its future business through CPEC and that will give him advantages (cheap transportation) into this region. We expect China will also suffer in the American business block and if the country start acting like the US, which often gets involved into any international conflict directly to save its business interest, they will need to move a huge resource which is not possible for their economy which is highly dependent of goods export mainly of direct consumer uses. Long time due to the initiative; India will start new phase after suffering strong opposition in domestic front which is causing a big problem of land acquisition and will have to change policy for incentivizing only new ventures or 100% EOU (Export Oriented Units). India will be forced to incentivize all those businesses which can generate direct employment. Moreover, in this period, we believe that the results will start coming immediately. India is going to surpass Japan and we will see South Korean economy entering into top 10 club.

S. No.          Country                          2025
1            United States                   23,452,579.55
2            China                                 18,787,850.10
3           India                                   5,557,130.29
4           Japan                                5,346,671.00
5           Germany                           4,308,091.40
6          France                                2,975,277.38
7          United Kingdom                2,965,270.47
8          Brazil                                 2,577,762.47
9           Italy                                  2,123,842.60
10        Korea, South                   1,946,319.31

Americans will recover fast in the domestic market after losing to China for a long time. We expect innovation is coming in consumer goods which are not happening from the 1990s. American companies showed a lazy pace for innovations in consumer products these days as they were more focusing on fighting out the international market by influencing them through various modes. It didn’t work in their way, and China took advantage of copying outside technology and producing cheaper products. We believe as many patents are now crossing the limit of protection, which was exploited by the countries like China to defeat US companies. New technology and new patents of the product will bring the US back into business and push China back. India having huge technically qualified and cheap labor force is going to be natural allies for the US and this will benefit our economy by this action

S. No.                     Country                                       2030
1                United States                        25,692,822.91
2               China                                      23,189,353.88
3               India                                      21,248,444.40
4              Japan                                     5,752,143.01
5              Germany                                4,750,120.61
6               France                                   3,240,351.19
7              United Kingdom                    3,186,996.80
8              Brazil                                      3,057,533.58
9              Korea, South                           2,225,982.20
10            Italy                                          2,212,528.88
China will slip down to the third position. This may lead to many challenges to China including domestic issues. It’s likely that China may face a similar position of USSR after regular economic setback. Great news for India to move another
step forward.
S. No.          Country                             2031
1              United States                26,129,600.90
2              India                               24,095,735.95
3             China                               24,070,549.32
4           Japan                                5,840,766.28
5           Germany                           4,847,056.32
6           France                               3,297,112.42
7            United Kingdom              3,236,098.86
8            Brazil                                3,162,734.14
9            Korea, South                    2,287,234.55
10          Italy                                  2,231,372.99

India will become the global powerhouse of trade leaving the US behind by 0.5 trillion. However, at the same time, the US economy will also shift its gears. Here, we will see an increasing gap between China and the top 2 rivals. In the time to come, Indonesia will join the Club of top 10 economies whereas, Italy will move down, the Japan and Germany will be fighting together for 4 and 5 places respectively.
S. No.          Country                           2032
1                   India                          27,228,181.62
2                  United States            26,626,063.32
3                   China                        25,057,441.85
4                   Japan                       5,931,006.12
5                  Germany                   4,946,178.62
6                  France                       3,355,009.71
7                   United Kingdom      3,286,096.59
8                   Brazil                        3,271,690.33
9                  Indonesia                  2,364,033.25
10               Korea, South              2,350,270.74

World Outlook about India

The World Bank has forecast that India will continue to remain the fastest growing economy in the world in 2018-19. In a report that was released in January-2019, the World Bank said India’s Gross Domestic Product (GDP) would grow at 7.3 percent during the ongoing financial year. In comparison, China is expected to register a much lower growth rate of 6.3 percent in 2018-19.

These predictions have been made in a report prepared by the World Bank titled: ‘Global Economic Prospects: Darkening Skies’. The report says that most world economies stare at dark times in this financial year. However, it has projected a brighter picture for India and the South Asian region as a whole. In India, the recent introduction of GST and steps toward demonetization are expected to encourage a shift from the informal to the formal sector. According to the World Bank, India’s GDP will grow at 7.3 percent in 2018-19. This will further climb up to 7.5 percent in the next two financial years. The World Bank reasons that this is a result of increased consumption and investment. Besides, it says that the economy is regaining after a temporary slowdown due to demonetization and the implementation of GST. In comparison with India, China’s economic growth is projected to slow down to 6.2 in 2019 and 2020 and 6 percent in 2021. In 2018-19, China’s GDP was expected to grow at 6.5 percent. There is another report according to IMF’s survey and that is quite emphasizing the current situation as well as the upcoming position of Indian in the Economic state.
Hot Marketing and Research Agency (HMRA) survey is more likely the current economic scenario of India. The HMRA survey clearly shows, India will be the biggest economy by 2032. India’s economy has all elements which would make it the world’s robust economy. Undoubtedly, India would rule over the globe.

Advertisements

Related posts

World highest Lord Ram statue to be built in Ayodhya: UP CM

Shrishti S Nagar

Impossible’ Modi will request Trump to mediate on Kashmir: Tharoor

Shrishti S Nagar

Truth and justice prevailed: PM on ICJ verdict on Jadhav

Shrishti S Nagar

UK to face recession in 2020 in case of no-deal Brexit – Reports

Shrishti S Nagar
Observer Dawn
Power of Thoughts
%d bloggers like this: