India will be world’s largest economy this century, China ties can build multipolar world: US economist Jeffrey Sachs

Economist Jeffrey Sachs said stronger India-China cooperation could help create a multipolar world, with the two countries potentially becoming the world’s largest economies. He called their relationship crucial for trade, investment, technology and global supply chains.

Noted economist Jeffrey Sachs is positive about the potential strength in India and China working in tandem to make the world multilateral instead of the US bossing all other countries around.

In an interview with India Today, Sachs, who is a professor at Columbia University, said, "India and China together can really make a multilateral world," adding that China has an interest in India being a success since it would help create a multipolar world.

“I'm looking at the time just in less than a quarter century now when India and China will be the two largest economies in the world. The United States will be third at that point. At some point in this century, India will be the world's largest economy,” Sachs said.

He also indicated that China's declining and India's increasing population can help boost India's chances of becoming one of the two largest world economies in less than 25 years.

“I'm looking at the time just in less than a quarter century now when India and China will be the two largest economies in the world. The United States will be third at that point. At some point in this century, India will be the world's largest economy,” Sachs said in the interview.

As per Sachs, the top four major powers of the world are the United States, China, India, and Russia, and that multipolarity is already an established reality.

Sachs also slammed the Trump-led US government for its unilateral actions, and spoke of the importance of BRICS - which accounts for roughly 40% of the global economy and acts as a counterweight against unilateral decisions and military actions.

Sachs also hinted at long geopolitical tensions in the world to American and European policies which aim at primacy for themselves in the world order.

Sachs' sentiments were echoed by the joint declaration issued by the BRICS countries in Delhi, in which the bloc reiterated its support for a multipolar world order and reforms to the United Nations

Importance of India-China relationship

Sachs said that India and China's relationship is the most important bilateral relationship in the world, and that greater cooperation between New Delhi and Beijing can have far-reaching implications across the world.

Although Sacha acknowledged that border tensions prevail between the two countries, he is of the opinion that a stronger relationship between the two countries would boost investment, trade, technological partnerships and supply chains.

“India's growing the fastest of all the large countries right now and foreign investment from China in all kinds of joint ventures would accelerate that even more,” Sachs added.

'Centre of gravity of world economy moving back to Asia'

Sachs also said in the interview that the future of the Indian economy should be seen in the backdrop of the global economic power shifting towards Asia.

“The center of gravity of the world economy has moved back to Asia where it was for 2,000 years and then briefly departed after 1800. It's moved back to Asia,” he said.

About the Author

Sayak Basu is a digital journalist with more than seven years of experience in covering general news, politics, science, cricket, and football. He brings a sharp editorial eye and a keen attention to detail in the newsroom.<br><br> Sayak focuses on breaking stories, analysis of political and sporting events, and new scientific research that is pushing the limits of civilisation.<br><br> He has earlier worked for publications like NewsBytes, Cinemaholic, Zacks Investment Research, and Deccan Herald. Sayak currently serves as an Assistant Editor at Livemint where he runs daily news operations.<br><br> Sayak has a master's degree in English Literature from Jadavpur University, Kolkata.<br><br> Based out of Bengaluru, he has a keen interest in world cinema, literature, sports, and music.

^{Get Latest real-time updates}

Stay updated with the latest Trending, India, World and US news.

HomeNewsIndiaIndia will be world’s largest economy this century, China ties can build multipolar world: US economist Jeffrey Sachs