India could overtake China and the United States (US) as the major global economic force by 2050, according to Global Business Network Australia senior fellow Keith Suter.
"India is now seen as the emerging economic giant. It has decided to follow the modern western model of economic development and is threatening the west at its own game, by taking over established western companies," Suter said at the Australian Super Investment Conference.
While India moves toward becoming the next great power, Suter said there was no guarantee that the Chinese boom would continue.
"No boom in history has continued indefinitely, and countries often collapse faster than it takes to rise to power," he said.
"Basically China's economy is just a bubble and it may burst, as we have seen with the IT boom and the periodic Sydney housing bubbles."
China's inability to coordinate all parts of its growth, political uncertainty and environmental stress makes its position more tenuous.
Despite this, Suter believed by 2050 the three major powers would be India, the US and China, with the possible addition of the European Union.
"The bottom line is, keep an eye on India. It is a democracy, there are a lot of talented people and many speak English," Suter said.
