(FE)
India is likely to become the third largest economy in the next 10 years. That’s old news. India is also likely to overtake Japan in nominal GDP by 2028, a report by BofA Merrill Lynch Global Research estimated. India, according to the report, stands out among the large emerging economies as most likely to achieve strong growth over the next decade.
“In 2028, we estimate it will overtake Japan in nominal GDP to emerge as the world’s third-largest economy. At the same time, various structural factors will likely weigh on growth in China, Brazil and Russia. Here we take a big-picture look at India’s prospects,” the report co-authored by Indranil Sen Gupta and Aastha Gudwani said.
For India’s growth over the next decade, BofA Merrill Lynch Global Research has said that there are three major drivers: Rise in saving and investment rate, financial liberalisation, and the emergence of the mass market. The report estimates India’s GDP will grow at 7%.
