India's economy would only be exceeded by that of China, the Goldman Sachs economic research report on global economics said.
Indian reforms have increased competition and efficiencies and accelerated international trade, challenging the global economic order so that it will overtake Italy, France, Britain and eventually the United States, the report said.
"India's current growth rate of around 8 percent can be increased to 10 percent if the efficiency level in terms of productivity to capital employed is increased and the saving rate increases marginally to sustain the investment," Goldman Sachs said.
India would need to boost its investment rate by 16 percent of gross domestic product to sustain a 10 percent growth rate, the report said. India appears at minimum headed toward a sustained growth rate of about 8.4 percent through 2020 and an average 6.9 percent through 2050.
2014: The Year in Music [PHOTOS]