India Surpasses Japan to Claim 4th Place in World’s Largest Economies with $4 Trillion: CEO of NITI Aayog
India’s Economy Surpasses Japan’s: NITI Aayog CEO Highlights Key Developments
During a press briefing following the 10th NITI Aayog Governing Council Meeting themed ‘Viksit Rajya for Viksit Bharat 2047’, BVR Subrahmanyam, the Chief Executive Officer of NITI Aayog, announced that India’s economy has now crossed the USD 4 trillion milestone. This announcement was supported by data from the International Monetary Fund (IMF), which noted that India has surpassed Japan to become the fourth-largest economy in the world.
“As I speak, we are the fourth largest economy and a USD 4 trillion market, according to the IMF,” stated Subrahmanyam. He emphasized that only the United States, China, and Germany have larger economies. He further illuminated that if India adheres to its current plans and strategies, it could become the third largest economy within the next 2 to 3 years.
The IMF’s April 2023 edition of the World Economic Outlook anticipates India’s nominal GDP for fiscal year 2026 to approach USD 4,187.017 billion, slightly exceeding Japan’s projected GDP of USD 4,186.431 billion. Remarkably, India held the position of the fifth largest economy until 2024. The IMF forecasts that India will maintain its status as the fastest-growing major economy over the coming two years, with growth rates of 6.2 percent in 2025 and 6.3 percent in 2026, outpacing both global and regional competitors.
Additionally, NITI Aayog’s CEO stressed that India is at a critical juncture, entering a phase ripe for rapid growth. “The Centre and States collaborated to develop strategies pertaining to various sectors, including manufacturing services, rural and non-farm areas, urban and informal economies, as well as the green sector,” he elaborated, outlining the discussions held during the meeting in New Delhi this past Saturday.
While India is projected to lead as the fastest-growing large economy in 2025 and 2026, the IMF predicts slower global economic growth at just 2.8 percent in 2025 and 3.0 percent in 2026, underscoring India’s significant advantage on the global economic front.
