A new power is emerging: It will overtake Germany, Japan and the USA

A new power is emerging: It will overtake Germany, Japan and the USA

This was announced by the investment bank Goldman Sachs in its latest forecast.

The main arguments for this assessment are India's population growth, the country's progress in the field of innovation and technology, higher capital investment and rising worker productivity, according to the report, CNBC reports.

India also has a large percentage of economically active population who are able to support younger and older fellow citizens, according to Goldman Sachs analyst Santanu Sengupta.

He pointed out that India must increase its labor force participation and thus take advantage of the population growth in the right way.

"It is indeed an opportunity for India to establish manufacturing capacity and continue growth in the services and infrastructure sectors," Sengupta added.

India's technology industry revenue is expected to grow by 223.7 billion euros by the end of 2023, forecasts Indian non-governmental trade association NASSCOM.

According to a Goldman Sachs report, India's economy is driven by domestic demand, unlike many more export-dependent economies in the region, with up to 60 percent of its growth largely attributable to domestic consumption and investment.

In the first quarter, India's GDP grew by 6.1 percent on an annual basis, and it is estimated that India's economic growth at the end of the current year will amount to 7.2 percent.