Chief Executive Officer (CEO) of NITI Aayog, B.K. VR Subrahmanyam said on Thursday that the Indian economy would overtake Germany and Japan in the next three years and by 2047 it could become the second largest economy in the world.
Subrahmanyam, while addressing a program, said that India can become the center of education for the world, as democracy is its greatest strength beyond all other things.
He said, “The Indian economy is currently the fifth largest economy in the world. By the end of next year, we will become the fourth largest economy. We will be the third largest economy in the year after that. ”
According to the latest data from the International Monetary Fund (IMF), the size of India’s economy is currently US $ 4,300 billion.
He said, “We will overtake Germany and Japan in three years. By 2047 we can become the second largest economy (US $ 30,000 billion). ”
Subrahmanyam urged all Indian firms including law and accounting companies to aspire to become the world.
The CEO of NITI Aayog said that the problems of medium -income countries are extremely different from the problems of low -income countries.
He said, “It is not about giving food to the poor or providing clothes to the people. This is about how you become a knowledge -based economy. ”
Subrahmanyam said that the world never saw a situation… where the population will decrease.
He claimed that Japan is serving 15,000 Indian nurses and Germany 20,000 health workers, as they do not have such professional people. Family arrangements have collapsed there.
Subrahmanyam said, “India will be a stable supplier of working age group worldwide … This will be our greatest strength.”