What does India rely on?, French media: "Super US catching up with China in 50 years" technology | What can India become the world's second largest economy in 50 years | French media
On July 14th, the website of the French newspaper "Express" published an article titled "What can India become the world's second largest economy in 50 years?" by Marius Boquet. The full text is excerpted as follows:
France has laid out a red carpet for him. Indian Prime Minister Modi, who arrived in Paris on the 13th, was a special guest at the traditional French military parade on July 14th. This is an opportunity for Macron to consolidate the strategic relationship between France and India. India has just signed a principle agreement to purchase 26 Rafale fighter jets and three French submarines. According to a recent report by Goldman Sachs, India, which is now the world's fifth largest economy, will rise to the second largest in the world by 2075.
According to Goldman Sachs Group's prediction, India will surpass the United States to become the world's second largest economy after China. In 50 years, China's gross domestic product will reach $57 trillion, nearly three times its current level. By then, India's gross domestic product will reach $52.5 trillion, equivalent to nearly 15 times the current level, while the United States' gross domestic product will increase to $51.5 trillion.
▲ Indian Prime Minister Modi delivered a speech at the Independence Day celebration in Delhi
India's first ace is population. India, with a population of 1.4 billion, became the world's most populous country in April this year. Santanu Sengupta, an Indian economist at Goldman Sachs Research, stated in a report, "The key lies in how to get more people to work, as well as providing training and empowering a large pool of talent."
Sengupta emphasized, "In the next 20 years, India's population dependency rate will drop to the lowest level among the economies in the region."
Indian Prime Minister Modi said in an interview, "Many countries around the world are facing issues of aging and declining populations, but India's young and well trained workforce is an opportunity for the world in the coming decades."
Sengupta stated that population is not the only engine of India's economy. He explained, "In terms of technology and innovation, India has made greater progress than some people imagine. In technical terms, this means that every job and capital unit in India can have more output."
Sengupta believes that another engine of the Indian economy is capital investment. He said, "As population dependence decreases, income increases, and the financial industry further develops, India's savings rate will rise, which will allow more disposable capital reserves to be used for new investments."
Jean Fran ç ois Uche, an economist studying Asian issues and director of the French National Institute of Oriental Languages and Civilizations, stated that India has "advantages in training, education, and scientific culture.". Yu Xie pointed out, "India has made tremendous progress in the past 20 years. India has a strong ability to train engineers and can continue to provide talent and support this development trend in many fields."
Yu Xie said, "India's well-trained talents scattered around the world in key areas of innovation are also an important force, such as in Silicon Valley, Singapore, Southeast Asia, and even in Europe."
This French economist emphasized that India can also rely on its important natural resources and raw materials. He said, "Despite relying on overseas for energy, India has a lot of coal, abundant sunshine, and rare raw materials needed by industry. India has also made significant progress in road transportation construction."
