Amid none-too-bright bright forecasts for the Indian economy in the near term, this projection should bring some cheer to those betting on the India growth story. A London-based economic consultancy has projected that India could overtake Japan in 2028 to become the third largest economy in the world after China and the United States.
In its 2013 report, the Cebr’s World Economic League table, which documents performance of the world’s top 30 economies and projects trends, shows India at the 11th place with a GDP of USD 1,758 billion, losing a place to Canada, which is now the 10th largest economy.
The long-term outlook for India’s growth prospects, however, looks strong. “But demographics and economic growth will eventually drive the Indian economy up the table and the forecast for 2028 has India becoming the world’s 3rd largest economy overtaking Japan,” says the report.
The detailed projections by the consultancy shows that by 2018 India is likely to be at the 9th place with a GDP of USD 2,481 billion, and by 2023 it would be at 4th place, with GDP size of USD 4,124 billion. India will be the world’s third largest economy, with GDP of USD 6,560 billion by 2028, says the report.
The report is also upbeat on the fortunes of emerging economies. The year 2018, says the report, will see the emerging economies “on the move”. Russia would be at the 6th place; India 9th, Mexico 12th, Korea 13th and Turkey 17th, says the report.
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