By 2075, India’s economy is expected to exceed both Japan and Germany and the United States to become the second-largest in the world. By 2075, India’s GDP is anticipated to reach $52.5 trillion, falling short of China’s $57 trillion but surpassing the US’s $51.5 trillion.
India currently has the fifth-largest economy in the world, trailing only that of the US, China, Japan, and Germany. The Indian economy was predicted to hit the $3.5 trillion milestone by the end of March, according to the Economic Survey that was presented to Parliament in January of this year.
For India, increasing labour force participation and providing training and skills for its enormous talent pool are essential to maximising the potential of that growing population.
India will have one of the lowest reliance ratios among regional economies during the next 20 years. India’s population has one of the finest proportions of people who are working age to children and elderly people. Therefore, now is the time for India to put up manufacturing capacity, continue the expansion of services, and continue the expansion of infrastructure.
Over the past 15 years, India’s labour force participation rate has decreased. More possibilities can help you maintain your labour force involvement rate, which can further boost your potential for growth. This is especially true for women, whose labour force participation rate is much lower than that of men.
The fifth-largest economy in the world will need to innovate and boost worker productivity in addition to having demography on its side. Technically speaking, this translates to more production being produced by each unit of work and capital in India’s economy.