At the World Economic Forum (WEF) in Davos, Switzerland, in 2023, Ernst & Young (EY) predicted that India’s economy will become worth $26 trillion by the 100th year of its independence in 2047. This $26 trillion figure would make India the third largest economy in the world, behind the United States and China.
The report from EY highlighted the need for India to focus on further investing in its people, infrastructure, and technology as well as reforming labour markets, improving access to capital and capital markets, and continuing to open its economy to international trade to achieve its ambitious economic growth target.
The report also noted that India’s workforce is expected to reach 1.1 billion people by 2047 and that the country will need to develop a talent pipeline to take advantage of its demographic dividend. To do this, the report recommended that India increase the number of vocational training centers, strengthen the higher education system, and create jobs for the millions of unemployed youth.
The report concluded that if India can capitalize on its current strengths and address its weaknesses, it will become a major global powerhouse in the next 25 years. It also noted that India’s growth will be critical for achieving the United Nations Sustainable Development Goals.