Indian economy will become bigger than Germany and Japan in 3 years, said the CEO of NITI Aayog

The Chief Executive Officer of NITI Aayog, BVR Subrahmanyam, stated on Thursday that the Indian economy will be larger than that of Germany and Japan within the next three years. According to the CEO of the NITI Aayog, the economy of the country can be the second-largest economy of the world by 2047.

Addressing a program in New Delhi, Subrahmanyam said that India can become the center of education for the world, because keeping everything else aside, our country's biggest advantage is its democracy. He said, "At present, the Indian economy is the fifth largest economy in the world. By the end of next year, we will become the fourth-largest economy. In the year after that, we will become the third-largest economy."

According to the latest IMF data, the size of India's economy is currently USD 4.3 trillion. "We will be bigger than Germany and Japan in three years. By 2047, we could be the second-largest economy (US$ 30 trillion)," he said.

Subramanian called on Indian companies, including law firms and accounting firms, to aspire to become global leaders. The Niti Aayog CEO said the problems of middle-income countries are very different from those of low-income countries.

"It is not about feeding the poor or clothing the naked. It is about how you become a knowledge-based economy," he said. Subramanian pointed out that the world has never seen a situation where the population will decline. According to him, Japan is taking 15,000 Indian nurses, Germany is taking 20,000 health workers, because they don't have people, and family systems have collapsed there. He said, "India will be a stable supplier of working-age people to the world...this will be our biggest strength."