Indian Businessman Believes India Will Become the Largest Economy by 2050

Godrej Group chair Adi Godrej believes that India’s current government can lead India in becoming the world’s most powerful economy. Godrej believes now gone regulations hampered India’s progress. Godrej is the 73-year-old patriarch of his company, specializing in such areas as security, appliances, real estate and agriculture. The firm operates in 28 countries, with plans to venture into emerging economies.

Godrej Group chair Adi Godrej believes that India’s current government can lead India in becoming the world’s most powerful economy. Godrej believes now gone regulations hampered India’s progress. Godrej is the 73-year-old patriarch of his company, specializing in such areas as security, appliances, real estate and agriculture. The firm operates in 28 countries, with plans to venture into emerging economies.

On the surface, many would say that Godrej’s assertion is speculation, but there is data backing up his claim. India is growing faster than China in 2015, and every other major economy in the world. Further, Godrej’s analysis is supported by a report that debuted in 2012 by Wealth Report, claiming that China will surpass the U.S. economy by 2020, but India will overtake China’s economy 30 years later. According to the report, India will have $85.97 trillion in purchasing power, compared to $80.02 trillion for China, and the United States will achieve $39.07 trillion.

India’s Success Recipe

A combination of imports and lower prices benefit consumers and businesses in India. Prime Minister Narendra Modi’s reform efforts have gone over well with the business community, and the nation has undergone a surge in jobs. Modi cannot take sole credit for the improvements, and many credit central bank head Raghuram Rajan as being a crucial asset in reducing the country’s external debt and fostering a healthy business climate. The country’s younger worker population and stronger job prospects has attracted the attention of investors looking to do business in India, contributing to stronger job growth in the future. India’s overall growth rate has yet to peak, and experts believe investors will be bullish on Indian stocks on a multi-year basis. The nation’s S&P SENSEX index shot up 5.6 percent in 2015, skyrocketing 28 percent in the past year. Corporate earnings expect to increase next year, surging ahead of U.S. corporate profits.

India Faces Uncertain Future

India has vast potential, but time is one of India’s biggest obstacles. The Modi administration will not be around forever.  There is no telling how future administrations will manage the Indian economy between now and 2050. In addition, many forecasters were optimistic of China’s growth, and although the Chinese economy is growing exponentially, it is not as strong as many had hoped. India could just as well follow the same fate, and there is no telling how the world economy will affect India’s progress. Godrej conceded that more work needs to be done to improve his country’s entrepreneurial prowess, and only time will tell if current or future leaders can sustain India’s juggernaut status.