"India to become 3rd largest economy in 2028"
London-based economic consultancy Centre for Economics and Business Research (CEBR) has said in its report that India will overtake Japan in 2028 to become the world's third largest economy.
In its World Economic League table report for 2013, CEBR said China will be overtaking the US in 2028 to become the world's largest economy.
"India overtakes Japan in 2028 to become the world's third largest economy. Abenomics means that Japan is likely to follow a weak currency policy for the foreseeable future which means that its GDP in dollar terms gets overtaken by India earlier than we had previously expected," said the report.
As per the report, India has lost place to Canada to stand at 11th largest economy in the world in 2013.
"2013 shows only two changes in the top 20 economies - Russia overtakes recession stricken Italy to gain 8th place and Canada overtakes India as a result of the collapse of the rupee to retake its position as the second largest economy in the Commonwealth and the 10th largest economy in the world.
"Below the top 20 some of the changes are more dramatic - Iran drops from 21st position to 30th as sanctions bite; South Africa drops from 28th out of the top thirty (to 33rd) as strikes, slow growth and a weakening currency affect its position," read the report.
(Posted on 27-12-2013)