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India likely to be largest economy by 2050: Robert Blake

Discussion in 'World Economy' started by Kronus, Jun 18, 2011.

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  1. Kronus

    Kronus Lieutenant SENIOR MEMBER

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    India likely to be largest economy by 2050: Robert Blake


    OLKATA: US Assistant Secretary of State (Bureau of South and central Asian affairs) Robert O Blake today said the future of Indian economy seems very bright and the country is likely to become the world's third largest economy by 2030, and the largest by 2050.

    He added, "The incredible growth of India's economy has resulted in positive spillover effect for the US between 2002-2009, US goods exports to India quadrupled, growing from $ 4.1 bn to more than $ 16.4 bn in 2009."

    "US services exports to India more than tripled from $ 3.2 bn to $ 9.9 bn during the period," he said.

    Last year, US-India trade in goods broke a record with US exports increasing by 17 per cent and US imports from India rising by 40 per cent, he said during a seminar on 'West Bengal and Beyond: US-India business links and prospects' here.

    "This surge of nearly 30 per cent to a high of $ 48.8 bn in goods trade moved India up two notches to become our 12th largest goods trading partner. This positive trend continues, with two-way trade up 19 per cent in the first quarter of 2011, over the same period last year," he said.

    Blake said US trade with India was very much a two-way exchange with mutual benefits to both the countries.

    "Robust two-way trade means citizens from Kolkata to Kansas will see the benefits of our trade agreement," he added.
     
  2. Kronus

    Kronus Lieutenant SENIOR MEMBER

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    India set to grow at 8.2 percent: IMF


    Keeping its predictions for India's growth unchanged at 8.2 percent this year and 7.8 percent in 2012, the International Monetary Fund (IMF) says global activity is slowing down temporarily and downside risks have increased again.

    Noting that global expansion remains unbalanced, the IMF says in its June update of the World Economic Outlook (WEO) that while growth in most emerging and developing economies continued to be strong, growth in many advanced economies was still weak, considering the depth of the recession.

    In addition, the mild slowdown observed in the second quarter of 2011 was not reassuring.

    Overall, the global economy expanded at an annualised rate of 4.3 percent in the first quarter, and forecast for 2011-12 was broadly unchanged, with offsetting changes across various economies, WEO said.

    However, greater-than-anticipated weakness in US activity and renewed financial volatility from concerns about the depth of fiscal challenges in the euro area periphery pose greater downside risks, it said.

    Risks also draw from persistent fiscal and financial sector imbalances in many advanced economies, while signs of overheating were becoming increasingly apparent in many emerging and developing economies, the IMF said.

    Strong adjustments - credible and balanced fiscal consolidation and financial sector repair and reform in many advanced economies, and prompter macroeconomic policy tightening and demand rebalancing in many emerging and developing economies - were critical for securing growth and job creation over the medium term, the WEO said.

    Despite some negative surprises, global growth attained an annualized rate of 4.3 percent in the first quarter of 2011, broadly as expected in the April 2011 WEO, it said.

    Growth in emerging and developing economies evolved as expected, but with considerable variation across regions. Global employment continued to pick up, including in many advanced economies, the IMF said.

    Global inflation picked up from 3.5 percent in the last quarter of 2010 to four percent in the first quarter of 2011, more than 0.25 percentage point higher than projected in the April 2011 WEO.
     
  3. Kronus

    Kronus Lieutenant SENIOR MEMBER

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    India set to grow at 8.2 percent: IMF


    Keeping its predictions for India's growth unchanged at 8.2 percent this year and 7.8 percent in 2012, the International Monetary Fund (IMF) says global activity is slowing down temporarily and downside risks have increased again.

    Noting that global expansion remains unbalanced, the IMF says in its June update of the World Economic Outlook (WEO) that while growth in most emerging and developing economies continued to be strong, growth in many advanced economies was still weak, considering the depth of the recession.

    In addition, the mild slowdown observed in the second quarter of 2011 was not reassuring.

    Overall, the global economy expanded at an annualised rate of 4.3 percent in the first quarter, and forecast for 2011-12 was broadly unchanged, with offsetting changes across various economies, WEO said.

    However, greater-than-anticipated weakness in US activity and renewed financial volatility from concerns about the depth of fiscal challenges in the euro area periphery pose greater downside risks, it said.

    Risks also draw from persistent fiscal and financial sector imbalances in many advanced economies, while signs of overheating were becoming increasingly apparent in many emerging and developing economies, the IMF said.

    Strong adjustments - credible and balanced fiscal consolidation and financial sector repair and reform in many advanced economies, and prompter macroeconomic policy tightening and demand rebalancing in many emerging and developing economies - were critical for securing growth and job creation over the medium term, the WEO said.

    Despite some negative surprises, global growth attained an annualized rate of 4.3 percent in the first quarter of 2011, broadly as expected in the April 2011 WEO, it said.

    Growth in emerging and developing economies evolved as expected, but with considerable variation across regions. Global employment continued to pick up, including in many advanced economies, the IMF said.

    Global inflation picked up from 3.5 percent in the last quarter of 2010 to four percent in the first quarter of 2011, more than 0.25 percentage point higher than projected in the April 2011 WEO.
     
  4. UNAM

    UNAM 2nd Lieutant FULL MEMBER

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    india to be largest economy by 2050, well it sounds nice but reality is different from what we think or assume. i doubt india's top spot but by 2050 india will more likely in top 3 or 4
     
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  5. shodhansaher

    shodhansaher FULL MEMBER

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    Thank you Leonidas for that. While I believe that one must always be proud and optimistic about one's country, it is also indispensable to separate what one wishes to hear from reality. And agreed, while India will grow greatly over the next few decades it would still not have caught up with China or even the US for that matter by 2050.
     
  6. simplystupid

    simplystupid Lieutenant FULL MEMBER

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    India needs to handle inflation.
    If India does not handle Inflation, Inflation will India into back in 90s​

    Take serious about the state of education.
    As of now any joker who can mug the guides can score 100%. With knowledge what is value add does student bring to Knowledge based economy ? Innovation is no body IP Apart from this there are many who does even opportunity to study ​

    there are others.. other wise that will be a wet dream.
     
  7. jagjitnatt

    jagjitnatt Major ELITE MEMBER

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    Don't worry guys, India will easily be the top 3 largest economies in 20 years. The problem is the GDP per capita figure would still be lower than western counterparts. That is where the real improvement is required and for that to happen, our GDP needs to be over $100 trillion, which seems impossible for the next 50 years.
     
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  8. StingRay

    StingRay 2nd Lieutant FULL MEMBER

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    I wish for a uniform spread of the current wealth rather than the govt running after boosting our GDP. With the inflation, we are inadvertently pushing more and more people into poverty instead of being able to pull them out. It is going to be a disaster if we are unable to check inflation first.
     
  9. simplystupid

    simplystupid Lieutenant FULL MEMBER

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    @JJ Current GDP growth is not attributed Value Production base but Value consumption base. for any consumption based economy Inflation is a poison.
    If every person in India consumes 1 USD worth of good and services a day - India is 365 X 1.2 trillion economy - with Inflation raging... today 1 USD will be tomorrow's 1/(1+inflation rate) USD (approx).

    going by Current model of consumption - we will face same problems of Current US problems sooner or later. there many Filthy rich Americans. Most American companies are richest in the world. But common man in US is becoming poorer every day. One bright side of US economy is Still US produces radical thinking which changes and add values. For example Silly Google or Face book of this world can be sighted as glaring exampled but not limited to them.....

    What i think India needs to balance Value consumption and Value production and tight control inflation such Value consumption does not deteriorates
     
    Last edited: Jun 18, 2011
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  10. Psynex

    Psynex FULL MEMBER

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    Very true. There needs to be a lot of change in the education system. It should focus more on research, practical applications and work closely with industries. For this you need better infrastructure and quality faculty who have real knowledge in their respective disciplines. Unfortunately the current system has only produced faculty who have very little to no knowledge in their fields. So that would mean we need faculty from outside the country who fit the bill until the new system produces enough people who can teach.
     
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  11. Nick 779

    Nick 779 Captain SENIOR MEMBER

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    Good news folks. India has already become the third largest economy by PPP surpassing Japan.:big_boss:
     
  12. ColdPlay

    ColdPlay Lieutenant FULL MEMBER

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    No,I think We will be 2nd largest economy by 2050.
     
  13. TereBinLaden

    TereBinLaden Captain STAR MEMBER

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    This is called prediction, once in history it was predicted a prosperous Pakistan and a divided India, but in reality the opposite is happening, India is rising but a top spot or to three ranking is what it cannot be predicted, anything can happen, history have shown that predictions do fail sometimes, keep finger crossed but over confidence is not a good thing.
     
    Last edited: Sep 26, 2011
  14. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    Country Flag:
    India
    Within Top 3 in my View,
    Top Economy, not sure.

    But I would certainly love to see India on the top by 2050 :happy:
     
  15. satz

    satz Captain SENIOR MEMBER

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    India have already crossed Japan,replacing them in 3rd spot interms of PPP.. india needs to alter its Foreign Trade policy and also opening markets in the retail sector... By 2020 we could cross the US comfortably.. but to attain TOP spot it requires lot of hard-work and changes in policy... but once we attain 5 trillion economy what the Current chinese are, we will be sufficient with adequate funds.. since we dont have any intention of Global policing!!!!
     
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