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India is likely to achieve strong growth over the net decade and emerge as the world’s third-largest economy, overtaking Japan in nominal GDP by 2028, according to the report titled “India 2028” by Bank of America Merrill Lynch. According to the report, India has already emerged as the second largest BRIC economy after China by overtaking Brazil and Russia. By 2019, India will also overtake France and Britain to emerge as the world’s fifth largest economy. This assumes that the Indian economy witnesses a 10 percent (in nominal US GDP) growth in the next decade which is well ahead of Japan’s 1.6 percent. The Bank of America Merrill Lynch has reported the country’s real GDP growth at the potential of 7 percent.