Processing .....please wait.. 
The article has been forwarded.... 
India's chance to be a part of the tripolar power by 2050
By agencies
|
Monday, 01 August 2005, 19:30 IST
NEW DELHI: India Inc will play a major role in making the country the third largest economic power after U.S. and China by 2050, economic think-tank ICRIER director Arvind Virmani said.
Addressing Chief Executive Officers of leading business houses at CII, Virmani said: "Indian firms must become stronger if India is indeed to become the third pole of the tripolar world by 2050.
"By 2050, the two major powers in the world will be USA and China. India will also catch up. US recognises this and these changing geo-political equations are dictating US attitude and policy towards India and China. Recent Indo-US agreements on defence and commercial nuclear technologies validates this argument," he said.
At present, India ranks fourth in terms of share of world GDP and second in population, which makes India as an economy with the highest catch-up growth potential (measured in terms of per capita income gap).
While US, Japan and Germany have positive per capita income gaps, countries like China, India and Indonesia have negative gaps, which are expected to be closed over the next half century, Virmani said.
"India and China will grow fastest and this growth pattern will transform the geo-political equations and consequently the world in the next 25 years, as they alone can challenge US supremacy over the world," he said.
Stressing on governance, Virmani said India has to close the economic and technology gap with China, which will lend stability to Asia. Sino-India relations need to be strengthened, he said.
Virmani also pitched for India's greater technical collaboration with Russia, EU, Japan and US.