Essays

India is poised to take over the developed countries to emerge at the top of the heap in the global economic superpower league by 2030. According to global banking giant Standard Chartered, India could emerge as the world's third largest economy by 2030.

According to Standard Chartered Global Research, "India has the fundamentals to emerge a winner in the super-cycle, potentially becoming the world's third-largest economy by 2030... India is likely to grow faster, on average, than China over the next two decades."

In 2010, the world's major economies were USA (USD 14.6 trillion), China (USD 5.7 trillion) and Japan (USD 5.4 trillion). India did not figure among the top ten, as per International Monetary Fund data. However, by 2030, it is estimated that India will be at number three position with an economy of USD 30.3 trillion, behind China with an economy of USD 73.5 trillion and US with economy of USD 38.2 trillion.

The country's demographic advantage, with half its population below the age of 25 years, with rising per capita income will ensure strong domestic demand. It is predicated that the collective creative potential and its young working force will enable the country to emerge as a winner.

However, for the Indian economy to reach the desired level, the correct policy formulation over the years is vital in this regard. Job creation is a major area that needs attention and addressing issues like corruption and inflation are also significant. The country also needs to overcome its regulatory burden and address its infrastructural requirements, both physical and soft. Primarily, there is a need for continued improvement in education, health care and skill development as India provides the sizeable educated labor force needed for its private sector to grow.

Crucial steps are taken in this regard to materialize the estimations of this study. According to Human Resource Development (HRD) Minister Kapil Sibal, India in 2030 will be most educated in the world and will be the key to provide intellectual capital to all countries. Right to Education, Unique identification Number (U1D) for every student, improvement in secondary schools, good infrastructure in schools, and ICT (Information and Communications Technology) teachers for every school are some of the efforts taken in concern to give every child an opportunity.

The opening up of India's economy, urbanization and greater infrastructure spending will collectively contribute to bring India nearer to this goal.