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India to become third largest economy by 2035

India would become the third largest economy in the world by 2035 if it continues to grow at the current rate of over nine per cent, says Member of the Economic Advisory Council GK Chadha.

business Updated: Sep 20, 2007 17:39 IST

India would become the third largest economy in the world by 2035 if it continues to grow at the current rate of over nine per cent, Member of the Economic Advisory Council GK Chadha said in Varanasi on Thursday.

"Sustained nine per cent growth of Indian Economy will make India the third largest economic power of the world in the next quarter of a century," Chadha said at a seminar at Banaras Hindu University (BHU).

Chadha, who was also the ex- Vice-Chancellor of Jawaharlal Nehru University, said that the present growth rate of the Indian economy is satisfactory and if it is sustained, the country will emerge as an economic super power very soon.

The country's GDP grew by 9.4 per cent in 2006-07 fiscal and in the first quarter of the current financial year, it clocked 9.3 per cent growth.

"By 2025, world will be a bi-polar society wherein China will be the most influential country and by 2035, India would become the third largest economy, making the world tri-polar," he said.

He stressed the need for an inclusive growth, wherein the government needed to focus on the poor and downtrodden.

"It is a matter of concern that 24 crore people still live below the poverty line in our country," he said.