Larry Summers, President Emeritus of Harvard University and former U.S. Treasury Secretary, recently highlighted India’s promising future, forecasting it as the fastest-growing economy in the years ahead. He described India’s economic journey as extraordinary, citing its current $600 billion in reserves and its role as a generous contributor to global aid. Summers expressed his belief that India’s economic growth in the next generation could be just as remarkable as the transformations seen in recent decades.
In an interview with Hindustan Times, Summers shared his optimism about India’s growth trajectory. He predicted that by the time India celebrates the centenary of its independence, its economy could grow sixfold from its current size. He also projected India as a leading global economic powerhouse in the near future, poised to be the fastest-growing significant economy over the next five, ten, and twenty years.
Summers also spoke on India’s strategic position in the evolving global market. He pointed out that India stands to benefit from the increasing importance of resilience in the U.S. and Europe. With companies shifting from a “just-in-time” approach to a “just-in-case” model, India could emerge as a strong alternative to China, gaining from firms’ efforts to diversify supply chains.
On the U.S., Summers remained cautiously optimistic, referencing a famous Churchillian sentiment about America often taking the right steps only after exploring all other options. He believes that despite challenges, the U.S. will eventually make the necessary adjustments to maintain its economic strength.
