UK under threat from 'unique' india?

The Indian economy could soon be strong enough to challenge the world's biggest superpowers.

Property prices in the last two years alone have increased by 70 percent as the world’s second-fastest growing economy continues to gather pace. A report by investment bank Goldman Sachs went so far as to suggests India could overtake Britain as the world’s fifth largest economy within a decade, and by mid-century, may even surpass the US to become the world’s second biggest economy after China.

A spokesperson for investment firm David Stanley Redfern Ltd observed: “India is already achieving GDP of US $1.50 trillion. And bolstered by strong domestic demand, economic growth, corporate strength and huge spending on infrastructure, India’s property market is expected to be relatively unaffected by the global credit crisis.

”This strong economic growth is partly a reflection of India’s unique demographics; - over half the current population is under 25 – by 2015, India’s middle class alone will be 983 million. By 2020, the country will hold the world’s largest population of workers and consumers.

”It is this huge mass of ambitious young Indians who are rejecting the traditions of living at home in favour of their own property. And with the number of people earning more than $5,000 a year set to double to around 20 million in the next two years, demand for small apartments is expected to mushroom”.