The prediction that India is expected to become the second largest economy in the world is not new, but it is worth considering.
Alongside China, it is set to elbow aside the US and European nations to become a global economic leader.
This will not happen for another 40 years, economists say, but India is already becoming increasingly important both as a market for British goods and services, and as a source of investment.
Of course, predicting the future is always hazardous. However, the direction of travel is clear, regardless of the precise figures in 2050.
West Midlands firms and businesses need to start doing business with India. But a study by UK Trade and industry, the organisation responsible for promoting Britain overseas, and West Midlands Minister Liam Byrne has expressed some concerns.
Many firms prefer to stay within their comfort zone and concentrate on Europe, on the basis that India will become important at some point in the future but can be safely ignored for now.
This is understandable, as it is hard to do business in a country one knows relatively little about, with a culture distinctly different to our own.
But the region must take up the challenge offered by India. It is true that many firms can probably afford to ignore it today – but if they wait for this situation to change before taking action, it will be too late.
The West Midlands is home to one in five British Asians, including many highly successful entrepreneurs. In many cases, they are already doing business successfully with India, and may have family or personally connections in both continents.
So it makes sense for ministers and Advantage West Midlands to give them as much support as possible – and also to recruit them to help guide the rest of the region’s business community.
This is just one of the proposals outlined in the study published yesterday. Others include encouraging universities to consider the potential of their intellectual properties in India.
But the launch of the study also saw a warning issued by Birmingham Airport, which plays an important role in the region’s economy.
It has been working for many years towards extending its runway, which would allow it to offer long-haul flights to India and China.
But now it fears planned changes to aviation duty could put all this at risk. Ministers must support the airport as it attempts to ensure the West Midlands becomes a truly global region.