New Delhi, Sep 21. -India could replace Japan this year as the third largest economy in terms of Gross Domestic Product (GDP), said an expert from a reputable testing company in the global economy.India is currently the fourth largest economy behind the United States and China, but very close to Japan because the difference between its GDP is minimal.
"India should surpass Japan in 2011 to become the third largest economy in purchasing power parity," predicted Sunil Sinha, head of research at Credit Rating and Information Services of India Ltd.(CRISIL).
After the devastating earthquake and tsunami of past March, experts expect a contraction of the Japanese economy, while India schould grow from 7 to 8 percent in the current fiscal year, Sinha said.
Sinha said that according to the International Monetary Fund projections, under normal conditions both nations should be competing "head to head" in 2011, but the catastrophe made a difference.
According to IMF forecasts, Japan's economy this year will experience a contraction of 0.7 percent, while India will record a growth of 8.2. (Prensa Latina)