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India can become 3rd largest economy by 2012: PwC
NEW DELHI: The collapse of the US financial institutions seems to have expedited the rise of the developing countries.The collapse of the US financial institutions seems to have expedited the rise of the developing countries. may have expedited a shift in global economic power. According to a report by global consultancy firm PricewaterhouseCoopers (PwC), India could become the world’s third largest economy by purchasing power parity (PPP), overtaking Japan in 2012.
This would be almost 20 years ahead of Goldman Sachs’ projection of 2032 in its BRIC (Brazil, Russia, India, China) report.
India is also expected to grow faster than China after 2020. China, which was projected to become the world’s largest economy by 2041, now looks set to achieve the distinction sometime around 2020, the PwC report said.
‘‘While the exact date is open to doubt, it seems highly likely that, by 2030, China will clearly be the largest economy in the world on PPP,” writes PwC head of macroeconomics John Hawksworth in the report.
It further said India would overtake China in terms of growth rate by 2020.
The effects of the global financial crisis on India and China, two of the world’s fastest economies, were largely limited and both countries returned to high growth rate in 2009 even as several Western economic giants including the US and Britain were grappling with slow growth and unemployment.
India’s economy expanded 7.9 percent in the second quarter of 2009-10 and is expected to grow over 7 percent in the whole fiscal. According to the key policy makers of Prime Minister Manmohan Singh’s government, India would return to 9 percent growth trajectory in two-three years.
On the other side, China stunned the global economy by registering 10.7 percent growth in the final quarter of 2009. Chinese economy expanded 8.7 percent in 2009.
With Japan facing one of the gravest crises of its history and still struggling to come out of, analysts think China will overtake Japan as the second largest economy this year.
NEW DELHI: The collapse of the US financial institutions seems to have expedited the rise of the developing countries.The collapse of the US financial institutions seems to have expedited the rise of the developing countries. may have expedited a shift in global economic power. According to a report by global consultancy firm PricewaterhouseCoopers (PwC), India could become the world’s third largest economy by purchasing power parity (PPP), overtaking Japan in 2012.
This would be almost 20 years ahead of Goldman Sachs’ projection of 2032 in its BRIC (Brazil, Russia, India, China) report.
India is also expected to grow faster than China after 2020. China, which was projected to become the world’s largest economy by 2041, now looks set to achieve the distinction sometime around 2020, the PwC report said.
‘‘While the exact date is open to doubt, it seems highly likely that, by 2030, China will clearly be the largest economy in the world on PPP,” writes PwC head of macroeconomics John Hawksworth in the report.
It further said India would overtake China in terms of growth rate by 2020.
The effects of the global financial crisis on India and China, two of the world’s fastest economies, were largely limited and both countries returned to high growth rate in 2009 even as several Western economic giants including the US and Britain were grappling with slow growth and unemployment.
India’s economy expanded 7.9 percent in the second quarter of 2009-10 and is expected to grow over 7 percent in the whole fiscal. According to the key policy makers of Prime Minister Manmohan Singh’s government, India would return to 9 percent growth trajectory in two-three years.
On the other side, China stunned the global economy by registering 10.7 percent growth in the final quarter of 2009. Chinese economy expanded 8.7 percent in 2009.
With Japan facing one of the gravest crises of its history and still struggling to come out of, analysts think China will overtake Japan as the second largest economy this year.
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