NEW DELHI: External affairs minister, S Jaishankar, citing a Goldman Sachs study said that India is on track to reach a significant milestone by 2030, becoming the world’s third-largest economy.
Addressing the NDTV World Summit 2024: The India Century on Monday, Jaishankar elaborated on the study’s projections, which estimate India’s economy to grow to an impressive $52.5 trillion by 2075.
Discussing the summit’s theme, ‘The India Century’, the EAM said, “If one were to predict ahead, and there are people who have done this, I saw some time ago, Goldman Sachs study which said that by 2075, we would be $ 52.5 trillion economy, we’d be second largest at that point in the world. But, a much nearer, short-term prediction is that by 2030, we would probably be the third largest economy.”
EAM explained beyond numbers, growth rates, markets, and supply chains, there is an intangible quality of leadership and attitude that sets India apart. The question arises: who will step forward in times of crisis? Whether it’s a war in Ukraine or a natural disaster in the Indian Ocean, India has shown a willingness to take the lead.
“I think there are other ways that may be more effective. If you look at big debates on technology, AI, and semiconductors, the importance of Indian talent and skill is growing almost day by day. When I go to Europe and North America, there’s a lot of interest really in how can we get this smooth movement of talent and skills out of India because the fact is that within certain demographics, we are actually disproportionately large. If we look beyond numbers, beyond growth rates, beyond markets, supply chains, there is an intangible quality, that is leadership and attitude, that who will step forward? If you have today a war going on in Ukraine, who is prepared to step forward? If you have a natural disaster in the Indian Ocean, who is prepared to step forward? Sometimes there may be countries who have capabilities but they don’t have the desire or the appetite or the mindset to do that anymore,” he said.
Jaishankar also highlighted the rapid expansion of India’s talent pool and skillset. He noted that Europe and North America are actively seeking the seamless flow of talent and skills from India, recognizing the country’s substantial demographic advantage.
A decade ago, India was the world’s 10th largest economy; today, it ranks fifth and is expected to become the third largest by the end of the decade.
Earlier in the day, Jaishankar held meetings with MPs from Australia and Germany. “Pleased to interact with MPs from Australia and Germany, today in Delhi. We exchanged views on FDI, technology, supply chains, maritime security, the Indo-Pacific and Ukraine,” he posted on X.