Key Points
India, with its growing population and influence, is on track to become a superpower by 2047, even if it doesnt achieve high-income status, according to Martin Wolf, chief economics commentator at the Financial Times...
Wolf pointed out that for India to emulate Chinas impressive economic growth from the two decades before 2012, it would need to significantly accelerate its GDP growth per head from the current 4.8% to 7.5% annually..
If Indias GDP grows at a modest 5% annually until 2047, it would match the US economy at purchasing power parity (PPP)...
Despite a belief that Indias large domestic market reduces the need for exports, trade has been essential for paying for imports, increasing competition, and accessing global knowledge..
Currently, Indias share in world merchandise exports is just 2.2%, compared to Chinas 17.6%, highlighting significant room for growth..
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