India to Become 3rd Largest Economy by 2028 BofA ML Report

Posted on:16 Nov 2017 09:20:12
India to Become 3rd Largest Economy by 2028 BofA ML Report
16 November 2017 Current Affairs: A report by Bank of America-Merrill Lynch stated that in the next decade, India will overtake Japan to become the third-largest economy.

The factors that will enable this are reduced dependency on other nations, financial maturity, and higher income and affordability.

The report also adds that India is likely to become the world’s fifth largest economy by 2019.

As per data available in the report, India is likely to cross Germany and Japan in nominal GDP by 2028 assuming that the nation witnesses a 10% growth every year for the next 10 years.

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