Dr. Jeffrey Sachs, a renowned economist and professor at Columbia University, believes that if peace prevails in the world and a multi-polar global system emerges, India’s rapid economic growth rate will continue in the coming decades. He predicted that by 2050, India will become the world’s second largest economy and may even overtake China in the second half of the 21st century.
In an exclusive conversation with NDTV, Dr. Jeffrey Sachs said that India’s economic development prospects are very strong. According to him, by 2050, China will be the world’s largest economy, India will be in second place and America will be in third place. However, in the second half of the century, India may overtake China and become the world’s largest economy.
Dr. Sachs is on a tour of India these days. He had come to Varanasi to participate in a world symposium organized under the leadership of Adani Foundation.
Peace and good strategy are necessary for economic growth
According to Dr. Sachs, India will have to continue a good economic strategy to maintain its fast economic growth rate in the coming decades. Along with this, an environment of peace and cooperation is also necessary at the global level.
He said that the world needs a multi-polar system in which cooperation and stability is maintained between different countries. In such an environment, India can further accelerate its economic progress.
The dream of becoming a developed country by 2047 is possible
Describing India’s goal of ‘Developed India 2047’ as important, Dr. Jeffrey Sachs said that it is possible for the country to become a developed economy by 2047. With this, India can come to the center of the global economy.
However, to achieve this goal, India will have to work on many fronts. These include large-scale investment in skill development of youth, improving the quality of education, strengthening infrastructure and making the country a global innovation hub.
Youth education is India’s biggest investment
Dr. Sachs said that he has been coming to India since 1979 and he has seen amazing changes in the country. According to him, there is no dearth of talent in India, but it is very important to provide better quality education and skill training to the youth.
He said, ‘India’s most important investment is in the education of its youth, because there is no dearth of talent in India. The youth need good quality education, hence full attention should be paid to it.
Along with education, he also described physical infrastructure, business development and innovation as necessary for economic progress. According to him, simultaneous investment and reforms in these three sectors can give new impetus to India’s development journey.
Expectation of increase in income and prosperity of common people
Dr. Sachs believes that if India’s economic growth rate remains stable, the income level of common people will also increase in the coming years. This will expand prosperity in the country and the benefits of development will reach more and more people.
He said that India can fully utilize its economic potential by simultaneously focusing on education, infrastructure and innovation. This will help in achieving the goal of making the country a developed economy.
Read also | India will become the world’s largest economy by the year 2100, estimates famous economist in Kashi
Source: ndtv.in
