The burgeoning economic might of India is poised to overtake the Japan by 2025. A study by Japan’s central bank shows this nation of 1 billion, ranked third in the purchasing power parity after the United States and China is growing by leaps and bounds. A well-deserved human resource base, liberalization of economy and increasing foreign investment are speeding up India’s economic development.

The prediction came from none other than Toshihiko Fukui, the Governor of Bank of Japan. Fukui urged India to step up its economic progress by relaxing restrictions on foreign capital flows and widen the domestic bond markets. This will help in pervasive integration of growing Indian economy with the global economy.

Speaking in a symposium in Tokyo, he said,

Everyone recognizes the large and varied influence India is having on the world. If we extend the current (growth) rate, India’s purchasing power parity will exceed that of Japan by around 2025 and will rank third after the United States and China.

Fukui advised India to reduce environmental damage and take steps to improve energy efficiency and curb high-energy prices to secure better economic development. India is gaining importance as and economic powerhouse since the economic liberalization begun by her in 1991. Since then, the structural changes in the economy have been sustainable to keep the momentum of the growth at almost stable level. A stable political system and democratic credentials in India are furthering its economic chances at global level.

Image

Via:Expressindia