India to become 3rd largest economy by 2012
New Delhi: It seems that global slowdown made a shift in global economic power. Global consultancy firm PricewaterhouseCoopers believes that India has potential to become the world's third largest economy by purchasing power parity, overtaking Japan in 2012.
If this happens, it would be almost 20 years ahead of Goldman Sachs' projection of 2032 in its BRIC (Brazil, Russia, India, China) report. The PwC report stated that even Indian economy is expected to grow faster that China after 2020. China was projected to become the world's largest economy by 2041, now looks set to achieve the distinction sometime around 2020.
John Hawksworth, PwC Head of Macroeconomics 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."
According to a PwC report, the top 10 economies by 2030 will be China, the U.S, India, Japan, Brazil, Russia, Germany, Mexico, France and Britain. According to report, China is likely to be some way ahead of the U.S. by 2030. It is also predicted that China's share in global GDP will be 19 percent by 2030, while the proportion for the U.S. and EU will be 16 percent and 15 percent, respectively.
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