At a time when crisis looms across the globe, international institutions have repeatedly stated that India is the fastest-growing economy in the world. That same view has now been reiterated by Columbia University economist Jeffrey Sachs, who has forecast that India will soon become the world’s number one economy. He stated clearly that in the near future, India has the potential to surpass both the United States and China to emerge as the world’s largest economic power.
Sachs asserted that India overtaking the United States within the next 25 years is a certainty. He opined that India would first become the world’s second-largest economy, and could subsequently emerge as the largest economic power in the world. He made clear that the centre of the global economy is decisively shifting towards Asia, adding that India and China need each other. According to Sachs, these two Asian giants are set to become global economic powers, while the United States would slip to third place. He also observed that deeper economic and technological ties between India and China could further accelerate India’s growth trajectory.
Sachs opined that India needs China just as much as China needs India, and said that if the two countries cooperate with one another, they would emerge as the world’s greatest economic nations. He made clear that if these two countries achieve growth, Asia — once the centre of the global economy — would reclaim that position once again. He further noted that India’s strategic and economic relationships with China, ASEAN, Africa, and the Gulf nations would become increasingly important going forward.