Indian economy may see faster eco growth than China after 2020
The Indian economy is likely to grow at a faster rate than neighbouring China's after 2020, with the country primarily benefitting from a significant younger population, says a report by PricewaterhouseCoopers.
By PTI |
NEW DELHI: The Indian economy is likely to grow at a faster rate than neighbouring China's after 2020, with the country primarily benefitting from a significant younger population, says a report by PricewaterhouseCoopers.
According to the report, China is expected to be the largest economy in the world as early as 2020.
However, the Indian economy is likely to grow significantly faster than China in the decade after 2020, the report stated.
"This is due to India having a significantly younger and faster growing population than China and due to it having more 'catch-up' potential due to starting from a lower level of economic development than China at present," the report revealed.
PwC, however, cautioned that India would only fully realise this potential, if it continues over the next two decades to pursue the growth-friendly economic policies of the last two decades.
"In fact, India has the demographic potential to overtake China as the fastest growing major economy within the next 10 years," PricewaterhouseCoopers executive director and Markets & Industries leader Jairaj Purandare said.
Moreover, India is likely to become less dependent on outsourcing and more on manufacturing exports, building on its engineering skills and rising levels of education in general population over the next decade, the report stated.
According to the report, China is expected to be the largest economy in the world as early as 2020.
However, the Indian economy is likely to grow significantly faster than China in the decade after 2020, the report stated.
"This is due to India having a significantly younger and faster growing population than China and due to it having more 'catch-up' potential due to starting from a lower level of economic development than China at present," the report revealed.
PwC, however, cautioned that India would only fully realise this potential, if it continues over the next two decades to pursue the growth-friendly economic policies of the last two decades.
"In fact, India has the demographic potential to overtake China as the fastest growing major economy within the next 10 years," PricewaterhouseCoopers executive director and Markets & Industries leader Jairaj Purandare said.
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Moreover, India is likely to become less dependent on outsourcing and more on manufacturing exports, building on its engineering skills and rising levels of education in general population over the next decade, the report stated.
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