Leaving the US behind, India will be ranked as the third most powerful economic country in the world by 2030.
According to the US Department of Agriculture’s latest macroeconomic projections, the US will see its decline in shares by 20 percent and will be left just as the global leader with $24.8 trillion in annual output of the country worth 25 percent of the world economy in 2006 and 23 percent in 2015.
Fifteen years from now, the US will be far less dominant, several emerging markets will go down and some of the largest European economies will be left behind.
“Among all the developing countries, India will be the bright spot in the global landscape. The country will have the largest workforce in the world within the next 15 years,” said the International Monetary Fund.
“There are lots of uncertainties as China growing at 4% or 6% is not making that mark where India’s growth at 3 percent or 8 percent makes a huge differences when you compound them over long periods of time,” said Bruce Kasman, JP Morgan’s chief economist.
Currently, India is at the eighth rank following Brazil, the United Kingdom, France, Germany and Japan in economy.
India is continuing to engage with the US over the H-1B visa, largely availed of by Indian IT companies, after the Trump administration proposed changes to the programme, a senior official said on Thursday.
“It is a very important topic for us and that is the reason why we have time and again at various levels, we have taken up this matter with the US side,” External Affairs Ministry spokesperson Raveesh Kumar said in response to queries by journalists here.
Kumar said that most recently, the issue was raised during the first ever India-US 2+2 Ministerial Meeting held here last month that was attended by External Affairs Minister Sushma Swaraj, Defence Minister Nirmala Sitharaman, US Secretary of State Mike Pompeo and Defence Secretary Jim Mattis.
On Wednesday, the US Department of Homeland Security (DHS) said that the US Citizenship and Immigration Services (USCIS) plans to come out with its new proposal by January 2019.
The DHS said it was also proposing to remove from its regulations certain H-4 spouses of H-1B non-immigrants as a class of aliens eligible for employment authorisation.
The move to end the rule could have an impact on more than 70,000 H-4 visa holders, who have work permits.
The H-4 visas are issued by the USCIS to immediate family members (spouse and children under 21 years of age) of the holders of H-1B visa.
The DHS said it will propose to revise the definition of speciality occupation to increase focus on obtaining the best and the brightest foreign nationals via the H-1B programme.
It will also “revise the definition” of employment and employer-employee relationship to “better protect” US workers and wages, the DHS said.
In his remarks on Thursday, Kumar said that India is closely engaged with the US administration as well as the US Congress on this matter.
Stating that there are certain bills which have been introduced, he, however, said that “it is important to note that none of these bills have been passed so far”.
“When we have engaged with the US, we have emphasised that our partnership which we have in the digital sphere have been mutually beneficial,” the spokesperson said.