• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

India To Surpass US To Become World’s 2nd Largest Economy By 2075: Report

OMMCOM NEWS by OMMCOM NEWS
July 10, 2023
in Business

New Delhi:  India will have the world’s second-largest economy by 2075, surpassing not only Japan and Germany but also the US, a new report has said.

According to investment bank Goldman Sachs, as India’s population of 1.4 billion people becomes the world’s largest, its GDP is forecast to expand dramatically.

India is presently the world’s fifth-largest economy, trailing Germany, Japan, China and the US.

“Over the next two decades, the dependency ratio of India will be one of the lowest among regional economies,” said Santanu Sengupta, Goldman Sachs Research’s India economist.

Sengupta added that the key to drawing out the potential of India’s rapidly growing population is boosting participation within its labour force, as well as providing training and skills for its immense pool of talent.

He also forecasted that India will have one of the lowest dependency ratios among large economies over the next 20 years.

“So that really is the window for India to get it right in terms of setting up manufacturing capacity, continuing to grow services, continuing the growth of infrastructure,” Sengupta said.

Moreover, the report said that innovation and increasing worker productivity are going to be important for the world’s fifth-biggest economy.

Capital investment will also going to be a significant driver of growth in the future.

With falling dependency ratios, rising incomes, and deeper financial sector development, India’s savings rate is expected to rise due to favourable demographics.

“On this front, the government has done the heavy lifting in the recent past. But given healthy balance sheets of private corporates and banks in India, we believe that the conditions are conducive for a private sector capex cycle,” the report said.

Further, the report mentioned that the main downside risk for India’s economic growth would be if the labour force participation rate does not increase.

“The labour force participation rate in India has declined over the last 15 years. If you have more opportunities — especially for women, because the women’s labour force participation rate is significantly lower than men’s — you can shore up your labour force participation rate, which can further increase your potential growth,” the report noted.

As India has a current account deficit, net exports have also been a drag on growth, according to the report.

However, the report emphasised that services exports have helped to cushion current account balances.

Unlike many more export-dependent economies in the region, India’s economy is driven by domestic demand, with up to 60 per cent of its growth attributed to domestic consumption and investment, the report stated.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

Penalty Corner Conversion Is Collective Hard Work Of Entire Team, Says Harmanpreet Singh

Next Post

Army Carries Out Rescue Operations In Punjab, Haryana

Related Posts

India, Norway
Business

India, Norway Agree To Team Up For Boosting Green Maritime Technologies

June 4, 2025
India Red-Flags
Business

India Red-Flags $800 Million ADB Aid Package To Pakistan

June 4, 2025
Piyush Goyal
Business

Piyush Goyal Begins Two-Day Visit To Italy For Bolstering Bilateral Economic Ties

June 4, 2025
Stock Market
Business

Stock Market Ends In Green Amid Positive Global Cues As RBI MPC Begins

June 4, 2025
HNWI Wealth
Business

India Sees 8.8 Pc Rise In HNWI Wealth In 2024, Has 378,810 Millionaires Worth $1.5 Trillion

June 4, 2025
IMEC
Business

IMEC Will Transform Global Landscape, Is Pivotal To ‘Viksit Bharat 2047’ Vision: Experts

June 4, 2025
Next Post

Army Carries Out Rescue Operations In Punjab, Haryana

Eight Killed In Tempo-Tanker Collision In UP’s Pratapgarh

Odisha: 4 Killed In Lightning Strikes In Separate Places

Khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.