India is likely to achieve strong growth over the next decade and will overtake Japan in nominal GDP by 2028, to emerge as the world's third-largest economy, according to report by Bank of America Merrill Lynch report.
India has already overtaken Brazil and Russia to emerge as the second largest BRIC economy after China.
Positive traits: 'Falling dependency ratios, financial maturity and increasing incomes and affordability are the three key drivers for the country to stand among the large emerging economies'
Report title: 'India 2028: The last BRICK in the Wall
India will cross Germany and Japan in nominal GDP in dollar term by 2028. This assumes that the Indian economy grows at 10 percent (in nominal US GDP) in the next decade, well ahead of Japan's 1.6 percent," a Bank of America Merrill Lynch report said today.
This projected the country's real GDP growth at 7 percent potential. Last year the economy closed at $2.26 trillion. But the report did not quantify the size of the economy by 2028 when it would be the third largest after China and the US
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