With Chinese production – and appetite – slowing, India is perhaps the only location with long-term potential to lift the industry. That long-term potential is tempered somewhat with the knowledge that in the short-term, Chinese production overcapacity seems to be consuming much of the current and proposed demand, a story told throughout the rest of the world as well. But with a growing economy, increasing population, and trends towards urbanization and a likely trend to spend on infrastructure, the future looks bright in India.
Supporting that optimism, a new report out of the Centre for Economics Business and Research in Britain projects that by 2030, India’s economy will be the third largest in the world, following China in first and the USA in second. The projections focus on overall economy size and, as measured in GDP, and show that the fastest growing economies in the world are likely to be in Central Asia while the slowest growing will be in Western Europe.
Interestingly, CEBR believes India will overtake Chinas as the largest economy in the world in the latter half of this century.
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