India will be among leading three economies by 2050: US believe tank

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China will become the world's largest economy in 2032, and grow to be 20 percent larger than the United States by 2050, the two experts predicted suggesting 'over the next forty years, nearly 60 percent of G20 economic growth will come from Brazil, China, India, Russia, and Mexico alone.'

Nearly 60 percent of this $123 trillion dollar expansion will come from Brazil, Russia, India, China and Mexico (BRIC+M), Dadush and Stancil projected.

'These five economies will grow at an average rate of 6.1 percent per year, raising their share of G20 GDP from 18.7 percent in 2009 to 49.2 percent in 2050.'

China, India, and the United States will emerge as the world's three largest economies in 2050. India's PPP GDP, however, will be 97 percent as large as that of the United States by 2050.

India's US dollar GDP will balloon to $17.8 trillion in 2050, sixteen times its current $1.1 trillion level, Dadush and Stancil predicted.

Despite impressive GDP growth in the developing world, relative per capita GDP (or wealth) will remain low.