Indian economy will grow bigger than Germany, Japan in next 3 years: Niti Aayog

New Delhi: The government’s think-tank Niti Aayog chief executive BVR Subrahmanyam on Thursday said that the Indian economy will be bigger than Germany and Japan in the next three years, and also it could become the second largest economy by 2047.

Addressing an event here, Subrahmanyam said that India could become an education hub for the world, as the single biggest advantage it has, keeping all other things aside, is its democracy. “Currently, the Indian economy is the fifth largest in the world. End of next year, we will be the fourth largest. Year after that will be the third largest,” he said.

According to the latest IMF data, the size of India's economy currently stands at $4.3 trillion. “We will be bigger than Germany and Japan in three years' time. By 2047, we could be the second largest economy ($30 trillion),” he added.

Subrahmanyam also urged Indian companies, including law firms and accounting firms to aspire to become world leaders. “Problems faced by middle-income countries are very different from those in a low-income country. It is nothing about feeding the poor or, you know, clothing the naked. It is about how you become a knowledge economy,” he said.

The Niti Aayog CEO also pointed out that the world has never seen a situation where population will shrink. “Japan is taking 15,000 Indian nurses, Germany is taking 20,000 healthcare workers as they do not have people, and the family systems have broken down there. India will be a stable supplier of working age people across the world. This is going to be our single biggest strength,” he said.