Yes, we can make it even first if have determination, India is a richest country with poor people. We to concentrate in agriculture ,education ,health and infrastructure to make us great . We have to control population explosion first and fore most , Only hope for enrichment of our nation is our immediate attention to develop agriculture infrastructure which would make our GDP from 7.1 % to 14 % if done quickly , a sensitive approach and consistent planning in development could easily usher in a era of prosperity. We have excellent provisions with us but, no good cook to prepare the grand feast .
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Well what do you mean by economics. I think you are talking about GDP.
It is very unlikely that India will be the 3rd largest economy by then (2025). Please dont be mislead by the reports from IMF or World Bank or S&P like institutions. These are nothing but gimmicks by the western nations especially USA and UK to keep Indians busy into these sweet dreams instead of focussing on real issues.
Now let me explain why. Currently India's GDP is aprox. 1,000 billion $, and Japan's is 4,800 billion $. Now do you really think that India's GDP will increase by 4.8 times in the next 16-17 years to catch up with Japan. No its very unlikely even if India keep growing at 10% for the next 16-17 years. And during these years, the GDP of Japan will increase too, may be crossing the 6,000 billion $ mark or even higher. So if India can surpass Japan, then how can it reach at no. 3, after USA and China or China and USA. I doubt whether India will surpass even Germany or UK or France, leave alone Japan