``India can become the third largest world economy and a newly industrialised country with living standard equivalent to that of South Korea by ad 2020 if it continues with its present policy of liberalisation and globalisation of economy.''

The study `the emerging great powers their potential and prospects,' by DR Kalia, a scholar who has worked with the UNESCO and various government departments, describes India as an emerging world power alongwith China and having the sixth largest economy in the world which in a few years could, become the fourth.

It projects China as becoming the world's leading economy within a few years ahead of the United States. It now ranks number two. ``Only one developed country, the United States, will remain in the first five, but second to China. Out of the top five, four will be Asian --China, Japan, India and Indonesia.''It said that 19th century was the century of Europe, 20th that of the United States, ``the 21st century will be the Asian century.''

``There is no doubt that India has the potential of becoming a great power in which its brain power shall play a decisive role involving massive investment in human resource development, especially in education, health care, housing and water supply.''In agriculture, however, India would overtake China as the world's largest wheat producer in a few years. With last year's wheat production of 65.2 metric tonnes, India is the second largest wheat producer after China.