India is on track to overtake Germany and Japan to become the world’s third-largest economy within the next three years, according to B V R Subrahmanyam, CEO of NITI Aayog. Currently ranked fifth globally, India is expected to rise to the fourth position by the end of next year, and move into the third spot shortly after.
Looking ahead, Subrahmanyam projected that India could become the world’s second-largest economy by 2047. He emphasized that India’s democratic foundation offers a unique strategic advantage, positioning the country to emerge as a global education hub.
He also highlighted that as India transitions into a middle-income economy, its challenges are evolving—from basic needs like food and clothing to building a thriving knowledge-based economy.
Subrahmanyam underscored another emerging strength: India’s young and growing workforce. With populations shrinking in several developed nations, countries like Japan and Germany are increasingly turning to India to meet their workforce needs – Japan is set to recruit 15,000 Indian nurses, while Germany is welcoming 20,000 Indian healthcare workers.
“In a world where populations are declining and family systems are weakening, India will remain a reliable, stable source of working-age talent,” he said. “This will be our greatest strength going forward.”