India to become 2nd Largest Economy of World by 2050
Released on = March 14, 2007, 10:44 pm
Press Release Author = Shushmul Maheshwari
Industry =
Press Release Summary = Goldman Sachs in its report has quoted that India will
emerge the 2nd largest economy throughout the globe.
Press Release Body = India will emerge as the 2nd largest economy throughout the
world by the year 2050, ahead of US, said Goldman Sachs in a statement that
Economics Times published on 24 January 2007 broadening the estimates of the
prospects of India in its October ’03 research paper “BRIC’s report”.
According to the report productivity growth in India will help the country sustain
above 8% growth until the year 2020. The GDP (Gross Domestic Product) of India will
exceed France, UK and Italy by the mid of next decade (that is around 2015). It’ll
then surpass Japan and Germany and then finally the United States ahead of the year
2050 to become the 2nd largest economy following China.
Growth acceleration of India since 2003 has shown a structural upward trend and not
a simple cyclical upturn, as per the research arm of Goldman Sach in a global
research paper that was released on 22 January 2007. The paper wrote that nearly 50%
of the total growth was driven by the productivity growth and will likely continue
for next few years as well.
Between the years 2007 and 2020, GDP per capita of India is expected to quadruple.
The escalating growth rate will signify huge demand here, since the people of India
will also use up additionally about 5 times car and 3 times crude oil. The
contribution of India to the growth of the global economy will also continue to
increase, as per the report.
RNCOS report on “India Retail Sector Analysis (2006-2007)” notifies, “The economy of
India has shown a healthy growth during 2003-2006. The GDP growth rate of the
country almost crossed 9% mark during the year 2006. The retail industry of the
country has received a strong boost due to this steady growth in its GDP. There has
been a continuous rise in the personal income as well as household consumption in
the country. The GDP of India is expected to rise further in the years to come.”
This research reports on “India Retail Sector Analysis (2006-2007)” also addresses
some interesting issues for today’s global business environment. The key questions
answered in this report include: what is the current market size and scope of the
organized retail in India; what & where are the growth prospects and issues related
to the industry; what are the factors driving growth in this sector; what are the
opportunities & challenges faced by retailers in India and so on.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of
industry experts who analyze data collected from credible sources. They provide
industry insights and analysis that helps corporations to take timely and accurate
business decision in today\'s globally competitive environment.
For more information visit: http://www.rncos.com/Report/IM058.htm
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info@rncos.com
2009
