India To Be Third Largest Economy By 2050 (SiliconIndia Article) - Response

I am far more optimistic about the potential for India's economic performance over the next 40 years.

India had made great strides in economic growth, positive legal and regulatory changes to enhance business investments and entrepreneurship and development of infrastructure capacity for growth since 1991. That is not to say much more remains to be done and improved.

The article says that India is slated to grow at an average 6.19 percent over the next 40 years (in comparison to China's 5.56 percent and the U.S.'s 2.7 percent). I strongly believe that India has the potential and capability to grow GDP at around an average rate of 10% to 12% for the next 20 years till around 2030, and then potentially slowing it's growth to the 6% to 8% range for the following 20 years to 2050.

The key requirement for this performance is for the Indian government to focus on the following 3 critical success factors / objectives:

1. Expanding India's "Skilled" Labour Force (pool) through focus on quality / globally competitive education for it's young population (current median age 25 years)
2. Ensure perquisite conditions for increased production capacity are available by adequate investment and expansion of key economic enables / infrastructure like:
   • Energy security through - increased electricity production capacity, oil and natural gas production, dependable and secure source of fossils fuels in the short to mid-term, with adequate investments in other energy sources like: renewable solar and wind energy ,and nuclear power to meet India's longer term energy demands.
   • Communication capabilities - increased and reliable cellular / wireless, and adequate broadband internet access and penetration to a broad spectrum of the Indian population.
   • Improved Transportation capabilities - through investment in improvements and expansion of capacity in Airports, Highways, Railways / Underground Metro, Waterways (e.g. India's National River-Linking Project), Pipelines and increased number of Merchant Marine Ships.
3. adequate (globally competitive) investment in Research & Development of key strategic technologies (i.e. like economically viable, renewable and environmentally friendly energy sources, food, agriculture and related processing technologies, life science and healthcare - including harvesting our biological wealth, advanced materials, information, communications,and aerospace science and technology).