India To Be World’s Third Largest Economy By 2028 After China, US

NEW DELHI – India is likely to overtakeJapan in 2028 to become the thirdlargest economy in the world after Chinaand United States, according to Londonbasedeconomic consultancy Cebr. Asper Cebr’s World Economic League tablereport for 2013, India has lost a place inthe league table in 2013 to Canada and isnow the 11th largest economy in theworld.”But demographics and economicgrowth will eventually drive the Indianeconomy up the table and the forecastfor 2028 has India becoming the world’s3rd largest economy overtaking Japan,”the report said.The Cebr World Economic League Table(WELT) is an annual calculation by theconsultancy. The base data for 2012 istaken from the IMF World EconomicOutlook and the GDP forecast draws onCebr’s Global Prospects model to forecastgrowth, inflation and exchange rates.The report gives an end of year reporton GDP in the 30 largest economies inthe world and forecasts countries thatwill be in the ‘top thirty’ after 5, 10 and 15years.In the 2013 league table, India is at the11th place with a GDP of $1,758 (RPT1,758) billion, and by 2018 the country islikely to be at the 9th place with a GDPof $2,481 billion, and by 2023 it wouldbe at 4th place, with GDP size of $4,124billion, and it will claim 3rd spot withGDP of $6,560 billion by 2028, it said.