New Delhi: India Expected to Surpass US as Second-Largest Economy by 2075, Says Goldman Sachs
India is set to become the world’s second-largest economy, overtaking the United States, according to a report by Goldman Sachs Research. Currently the fifth-largest economy, India’s growth is fueled by its huge population of 1.4 billion people. To make the most of this potential, India needs to focus on getting more people into the workforce and providing them with training and skills. The report also emphasizes the importance of innovation and increasing worker productivity to boost economic output. Capital investment is crucial too, as India’s savings rate is expected to rise due to factors like higher incomes and better banking services. India’s favorable demographics, including a large and young population, will also contribute to its growth. However, challenges remain in creating employment opportunities and improving worker participation. The report also mentions the risks, such as low participation of women in the workforce. On the positive side, digitalization, widespread internet access, and the Aadhaar system could drive productivity and growth.
