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India may race past Germany, Japan to become third biggest economy by FY28: Report

In the process, India will overtake Germany and Japan too, the report added.

October 16, 2022 / 12:46 PM IST

India could overtake Germany and Japan to become the third-biggest economy in the world by FY28, as per the International Monetary Fund (IMF) World Economic Outlook database. The top two economies will continue to be the US and China, a report by The Economic Times said.

The reasons for India's rapid progress include expected economic expansion at good pace, rupee's depreciated less than many currencies against the dollar.

Another report by Capital Economics came out days after India surpassed UK to become the fifth largest economy at market exchange rates. The report projected that India is on course to be the third-largest economy by 2030, trailing the US and China, and headlining emerging markets that are poised to account for more than half the global gross domestic product within the next decade.

Because of the pandemic war-triggered inflation, most developed economies were hit hard. They will grow marginally or even go into recession, the report added.