India is likely to become the 3rd largest economy globall by 2028, beating Japan in the process in the world. Right now, China and the US lead the list in terms of economic size, as per the London-based consultancy CEBR. The World Economic League Table report (WELT), 2013 says that India has lost a place to Canada and is currently the 11th largest economy in the world. But demographics and economic growth will eventually propel it up the table.
The WELT is an annual calculation by the consultancy, which is based on the IMF World Economic Outlook data.The report gives a year-emd report on GDP in the 30 largest economies and makes forecasts about the countries projected to be in Top Thirty after 5, 10 and 15 years. In the latest table, India ranks 11th, with a GDP of $1,758 billion and by 2018, it is likely to rise to the 9th place with a GDP of $ 2,481 billion, and by 2023 it would move up to fourth place, with asize of $4,124 billion, and it is likley to claim the third spot with a GDP of $ 6,560 billion by 2028.
The 2013 table has only two changes in the Top 20 list. Firstly, Russia overtook Italy to gain the eighth place while Canada overtook India due to the rupee collapse to resume its position as the second largest economy in the Commonwealth and the 10th largest globally. Further, the UK would overtake Germany to become the largest Western European economy around 2030, it adds.