Indian economy to become world’s largest by 2050

India will be the largest economy of the world by 2050, according to the 2012 edition of the Wealth Report, launched by Knight Frank and Citi Private Bank.

“China will overtake the US to become the world’s largest economy by 2020, which in turn will be overtaken by India in 2050,” according to Wealth Report 2012 by Knight Frank & Citi Private Bank.

As per the report, Indian economy will reach USD 85.97 trillion size in terms of purchasing power parity by 2050, while the Chinese GDP would be USD 80.02 trillion during the same period.

The US — currently the world’s largest economy – is expected to have a GDP of USD 39.07 trillion by 2050.

Other nations in the top ten list of world’s largest economies would be Indonesia (4th), Brazil (5th), Nigeria (6th), Russia (7th), Mexico (8th), Japan (9th) and Egypt (10th).

In terms of growth from 2010-2050, India would be the second fastest with its economy growing at the rate of eight per cent in the period.

With a pace of 8.5 per cent, Nigeria would be the fastest growing economy during the same period, the report said.

In 2010, India was world’s fourth largest economy with a value of USD 3.92 trillion compared to China’s USD 9.98 trillion and America’s USD 14.12 trillion.

The report also said that Mumbai and New Delhi are among the top 20 fastest growing cities globally.

The report named Surat and Nagpur among fast-growing cities to watch in 2050.

“We believe the cities to watch in 2050 are the 400 emerging market middleweights – fast growing cities with populations between 200,000 and 10 million.

“This dynamic group includes many cities that are not household names today: Linyi, Kelamayi and Guiyang in China; Surat and Nagpur in India; Concepcion and Belem in Latin America,” it said.

More information visit Wealth Report 2012