CITY | Friday, March 12, 2010 | Email | Print |  | Back
India to be third largest economy by 2020, says top ADB official
SP Singh | Ghaziabad
The Asian Development Bank (ADB) Managing Director General Rajat M Nag on Thursday said that the way India's growing, it is quite possible that by year 2020 it will become world's third largest economy. "In 2008, India ranked world's 12th largest economy at $1.2 trillion. As it grows further in the future - quite possibly becoming the world's 3rd largest economy by 2020," said Nag in a key note address delivered during the third International Conference on Data Management at Institute of Management Technology (IMT), Ghaziabad. The conference was chaired by Dr Poonam Garg and hundreds of delegates from India, Japan, Malaysia, Canada, Australia, Iran and Iraq, sharing ideas and presenting technical papers.
Nag further said, today, export oriented model has increased economic opportunities in India and has brought a sustainable growth transforming emerging Asia's influence in the global economic firmament. "The global economy has shifted from the G7 industrialised nations to the more encompassing G20, it is only right that Asia is appropriately represented and increasingly asserting its influence. ADB's growth forecasts not only show a V-shaped recovery, but a return to the growth from a high of 9.5% in 2007, growth in developing Asia dropped to just 5% in 2009. Last September, ADB predicted Gross Domestic Product(GDP) in developing Asia would expand 6.4% in 2010. In December, we revised the forecast upward to 6.6 per cent," added the Managing Director General of ADB Bank.
Speaking on the constrains on India's economy, the director general of ADB bank said, more than 600 million people in Asia live on less than a dollar a day. As many as 700 million Asians do not have access to clean water; 1.9 billion do not have access to improved sanitation; and one hundred million children lacks primary education. With only 5 years left to meet the Millennium Development Goals, Asia is falling behind on critical targets for-among others-child hunger, child and infant mortality, and health care for expectant mothers.
Addressing a large audience comprising of MA students he further said India needs to eliminate its infrastructure bottlenecks. The conference was a venue for rich exchange of ideas amongst the IT professionals. The event has also helped in bringing together executives from industry and academics to meet discuss, exchange views and experiences on various issues managing data for critical decision making in any organisation.
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