India to emerge as world's third largest economy in 2031: BofA Securities

Covid-19 to push back this feat by three years. BofA had earlier projected this in 2017 and had expected the Indian economy to achieve this status by 2028

India is likely to emerge as the world’s third largest economy in 2031 (fiscal 2031-32), suggests a recent report by BofA Securities, and should touch Japan's nominal GDP (in USD) that year. The projections have assumed 6 per cent real growth rate, 5 per cent inflation and 2 per cent depreciation. Currently, India is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).

In 2017, BofA Securities had expected the Indian economy to achieve this feat by 2028, which has been pushed back now by three years due to the Covid-19 pandemic. The earlier