London: India will become a bigger economy than Japan and the third biggest behind China and the United States in the next three decades, Lord Swraj Paul, NRI (non-resident Indian) industrialist and British Ambassador for Overseas Business has said.

Addressing a distinguished gathering at the Executive Development Centre for UBS AG in Wolfsberg, Switzerland last night (Mar 29, 2004), Lord Paul referred to the rapid strides made by China and India and said, "The long-term prospects for India, while from a lower starting point are, if anything better. Its 50-year growth rate is put at just above five per cent."

Speaking on 'Manufacturing and Globalisation', Lord Paul who is the co-chairman of the India-UK round table said, "India will not overtake the United States over this period, but will become a bigger economy than and the United States, in the space of 30 years."

"However, this does not necessarily indicate that these countries with their massive populations will become richer than the West," he cautioned.

"Even by 2050, China's GDP (gross domestic product) per head will still be half that of Britain, and less than 40 per cent of the United States. India's will be less than 30 per cent and 20 per cent of Britain and the United States respectively."