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Economy

India to overtake Japan as world's No. 3 economy in 2029

Rise of urban population and tech sector expected to drive growth: JCER forecast

JCER projects that Mumbai will be the world's fourth-largest city in 2035.   © Reuters

TOKYO -- India will surpass Japan in terms of gross domestic product in 2029 to become the world's third-largest economy, the Japan Center for Economic Research says, as the urban population and tech industry drive growth in the South Asian country.

India's economy, currently about half the size of Japan's, is destined to reach roughly $10 trillion by 2035, according to JCER's latest annual Medium-Term Forecast on Asian Economies. Japan's GDP was estimated at $4.9 trillion by the World Bank in 2018.

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