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India to be world's 3rd largest economy by 2015: ADB
By agencies
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Monday, 11 April 2005, 19:30 IST |
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NEW DELHI:India is poised to become the third largest economy with a share of 14.3 percent of global economy by 2015 and graduate to become the "third pole" and growth driver by 2035.
"As the share of U.S. in World GDP falls from 21 to 18 percent and that of India rises from 6 to 11 percent in 2025, the latter emerges as third pole in the global economy," the ADB India Economic Bulletin said.
India, which is now the fourth largest economy in terms of purchasing power parity, will overtake Japan and become third major economic power within 10 years.
India will increase its share from 8.2 percent in 2015 to 11.2 percent of world GDP by 2025, and is projected to be about 60 percent of the size of U.S. economy.
"The transformation into tri-polar economy will be completed by 2035 with Indian economy only a little smaller than U.S. economy but larger than that of Western Europe," the ADB said.
By 2035, India is likely to be a larger growth driver than the 6 largest countries in E.U., though its impact will be a little over half that of the U.S.
India's share of global economy would be 14.3 percent, while China will dominate with 30 percent and U.S.A at second place with 16 percent by 2035.
China's economy is projected to become 50 percent larger than U.S. economy by 2025 and almost double that of U.S. by 2035, ADB said.
At this point China's share of the world economy will be equal to the share of the U.S. and Indian economies taken together, ADB added.