India is set to overtake Germany and Japan to become the world’s third-largest economy within the next three years, and it could rise to the second spot by 2047 with a projected GDP of USD 30 trillion, said NITI Aayog CEO B V R Subrahmanyam on Thursday. Speaking at an event, Subrahmanyam highlighted that India is currently the fifth-largest economy and will climb to fourth place by the end of next year, followed by third place the year after. Citing recent IMF data, he noted that India’s current GDP stands at USD 4.3 trillion.

He also emphasized India’s potential to emerge as a global education hub, pointing out that its democratic framework gives it a unique edge over other nations. Subrahmanyam encouraged Indian businesses—including legal and accounting firms—to aim for global leadership, stating that challenges faced by middle-income countries like India are different from those in low-income nations. “It’s no longer about basic needs like food and clothing, but about becoming a knowledge-driven economy,” he explained.

He also mentioned the global demographic shift, noting that population decline is a growing concern in many countries. For instance, Japan is recruiting 15,000 Indian nurses, while Germany plans to hire 20,000 Indian healthcare professionals due to a lack of domestic workers and weakened family support systems. “India’s greatest strength will be its consistent supply of working-age individuals to the world,” Subrahmanyam concluded.

Disclaimer: This image is taken from PTI.