India likely to achieve strong growth over next decade

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.

A Bank of America Merrill Lynch report titled, ‘India 2028’ said that the country has already overtaken Brazil and Russia to emerge as the second largest BRIC economy after China.

The report said India is well on track to cross France and Britain to emerge as the world’s fifth largest economy after Germany by 2019.

The report said India will cross Germany and Japan in nominal GDP in dollar term by 2028.