" Japan Will Be Back! India will Become the Third Largest Economy in The Next Decade "

Japan will be back! India will become the third largest economy in the next decade,

In the latest report by Merrill Lynch, it has been claimed that by 2028, India will become the world's third largest economy. The name of this report is 'India 2028: The Last Brick In The Wall'. It has been said in the report that till 2028, India will overtake Germany and Japan in the case of GDP (gross domestic product). However, the report of what would be the size of this economy was not reported in the report. By 2019, India can become the fifth largest economy in the world.

Reports claim - Economy will grow at a pace of 10 per cent

US Bank Merrill Lynch has prepared this report. This report claims that in the next decade, the economy of India will grow at a pace of 10 per cent. Due to this speed, it can make Japan the third largest economy in the world by overtaking Japan. The report expects that Japan's economy will be lagging behind from 1.6 percent of India. Significantly, India has just become the second largest economy in BRIC countries. India has left behind Brazil and Russia in this list. China's economy is among the first countries in the BRIC countries.

India will become a fast growing economy due to these reasons

It has been reported in the report that due to fall in the dependency ratio, financial maturity and rising income of the people will be key factors which will lead to India's rapidly growing economies. In 2028, India's dependency ratio will be 46.2 percent. This ratio is 52.2 per cent now. Because of this, the budget rate of GDP can be up to 32 percent. Comparing it to 2000-17, it is 31.4 percent. Based on this, it has been estimated in the report that India will go ahead with a growth rate of 10% ahead of the growth rate of 7.1%.

Only China and America ahead of India

The report claims that in 2028, in terms of economy, India will be ahead of China and America only. America will number one so China will make its place on number two. By 2019, India is on track to become the fifth largest economy in the world, surpassing France and Britain. However, this report does not mention the size of India's economy.