China's stronghold as the leading BRICS economy could be up for contention by the end of the next decade, according to a new report which suggests that India is set to see a surge in innovation.
India's innovation growth rate is expected to rise significantly over the next 15 years, placing it ahead of Russia and close to surpassing China, the study from China's Science Technology Exchange Center said Wednesday.
Already India's economy is expected to grow by a greater margin than China's this year. Latest figures from the International Monetary Fund (IMF) forecast India's gross domestic product (GDP) – the total value of goods and services produced – to grow 7.2 percent in 2017 versus China's 6.5 percent. This new study highlights the growth that can be expected in intellectual advances, such as science and technology, which are often perceived as indicators of future growth.