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To what extent do you agree with the view that India will become the dominant world economy by 2050?

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Introduction

To what extent do you agree with the view that India will become the dominant world economy by 2050? India's current economic growth is likely to soon push it into the position as the 5th biggest economy in the world. Already in terms of purchasing power the Indian economy is ranked as the third largest Economic growth is currently averaging 8-9% and there are signs that this is likely to continue in the future. India's economy in the past has been very poor however After several decades of sluggish growth the Indian economy is now amongst the fastest growing economy in the world. Economic growth is second only to China. Despite several problems facing the Indian economy many economists point to potential strengths of the Indian economy which could enable it to continue to benefit from high levels of economic growth in the future even toward 2050. ...read more.

Middle

India has been forecasted positive growth at a sustainable rate of 8% until 2020. These factors (its favorable demographics, benefits from globalization and outsourcing and positive forecasts) putting India in the driving seat to potentially become a dominant figure in such an economically climate. Where the recession does not affect a country as they carry on producing growth rates of not just 1-4% which would be seen as remarkable at such time but of 8% is just extraordinary yet continuing such a efficient system where the economy will produce this every year could be seen as probable due to fact of India's massive flaw which could affect such an economic dominance towards 2050. However To maintain growth rates of 8-9% and prevent inflation and unemployment rising in the future there are various issues the Indian economy needs to address. ...read more.

Conclusion

There is an increase in the number of people entering the Indian labour market, this may be difficult to provide sufficient jobs unless ther is more investment continues in manufacturing and the service sector Fifthly there is a massive skill shortage in the I.T sector similar to Chinas shortages of accountants. It is not due to the fact that India can't produce such skills as their education system is seen as very good but maybe due to the fact There is a growing gap between rich and poor in different areas of the country. So There is need to increase both academic and vocational skills to a broader section of the population not in just one particular area. Finally a large % of the India's agriculture is still dependent on the monsoon season and there for they would need to heavily invest in its irrigation and water supplies to continue an average % as at the moment it is fluctuating from 1%-9%. ...read more.

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