India will be the world’s largest economy this century, Chinese ties can build a multipolar world: American economist Jeffrey Sachs | Today’s news
Well-known economist Jeffrey Sachs is positive about the potential power of India and China working in tandem to make the world multilateral instead of the US bossing all the other countries around.
In an interview with India Today Sachs, who is a professor at Columbia University, said, “Together, India and China can truly create a multilateral world,” adding that China is interested in India’s success as it would help create a multipolar world.
“I’m looking at a time in less than a quarter of a century when India and China will be the two largest economies in the world. The United States will be third at that time. Sometime this century, India will be the largest economy in the world,” Sachs said.
He also suggested that China’s declining and India’s growing population may help boost India’s chances of becoming one of the world’s two largest economies in less than 25 years.
“I’m looking at a time just before a quarter of a century when India and China will be the two largest economies in the world. The United States will be the third at that time. Sometime this century, India will be the largest economy in the world,” Sachs said in an interview.
According to Sachs, the four major world powers are the United States, China, India and Russia, and this multipolarity is already an established reality.
Sachs also criticized the Trump-led US government for its unilateral actions and spoke of the importance of the BRICS – which make up roughly 40% of the global economy and act as a counterweight to unilateral decisions and military action.
Sachs also hinted at long-standing geopolitical tensions in the world over American and European policies that focus on their primacy in the world order.
Sachs’ sentiments were echoed in a joint statement issued by the BRICS nations in New Delhi, in which the bloc reiterated its support for a multipolar world order and UN reforms.
Importance of India-China relationship
Sachs said that the India-China relationship is the most important bilateral relationship in the world and that greater cooperation between Delhi and Beijing can have far-reaching implications around the world.
While admitting that there are border tensions between the two countries, Sacha is of the view that a stronger relationship between the two countries would boost investment, trade, technology partnerships and supply chains.
“India is currently the fastest growing of any major country, and foreign investment from China in all kinds of joint ventures would accelerate this,” Sachs added.
“The center of gravity of the world economy is shifting back to Asia”
Sachs also said in the interview that the future of India’s economy should be seen against the backdrop of global economic power shifting to Asia.
“The center of gravity of the world economy shifted back to Asia where it had been for 2,000 years and then shifted back to Asia shortly after 1800,” he said.
