India overtakes Japan to become fourth largest economy, says NITI Aayog; $4 trillion GDP milestone achieved
India has overtaken Japan to become the world¡¯s fourth-largest economy, according to NITI Aayog. With a $4 trillion GDP, only the US, China, and Germany are ahead. PM Modi urged all states to work together to make India a developed nation by 2047.
India has officially become the world¡¯s fourth-largest economy, overtaking Japan, according to NITI Aayog CEO BVR Subrahmanyam. Speaking after the 10th Governing Council Meeting of NITI Aayog in New Delhi, Subrahmanyam said the country's economy now stands at $4 trillion. He added that the only countries ahead are the United States, China, and Germany.
Quoting data from the International Monetary Fund (IMF), Subrahmanyam said, ¡°We are the fourth largest economy as I speak. We are a $4 trillion economy as I speak.¡± He added that if current plans stay on track, India is expected to become the third-largest economy in the next two and a half to three years.
Growth trajectory and future projections
NITI Aayog believes India¡¯s current economic momentum will continue if the outlined strategies are followed. Subrahmanyam said that the country is on a clear path to achieving the third spot globally in economic rankings within the next few years. This projection is based on sustained growth trends and policy planning.
India¡¯s manufacturing advantage and asset monetisation
Responding to recent comments by former US President Donald Trump regarding Apple manufacturing iPhones in the US instead of countries like India, Subrahmanyam said that future tariff changes are not certain. However, he stated that India remains a competitive and cost-effective destination for manufacturing.
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Subrahmanyam also announced that a fresh round of the government¡¯s asset monetisation programme is being prepared. The announcement for this round is expected to come in August.
PM Modi¡¯s call for collaborative development
Prime Minister Narendra Modi chaired the 10th Governing Council Meeting of NITI Aayog, held at Bharat Mandapam in New Delhi. During the meeting, he called upon all states and union territories to work in unison to help India become a developed country by 2047.
Modi said, ¡°Every Indian aspires for the country to be a Viksit Bharat. It is not the agenda of any party but the aspiration of 140 crore Indians.¡± He added that by focusing on the development of every state, city, and village, India can reach the goal of becoming a developed nation ahead of the 2047 target.
The meeting was attended by chief ministers and lieutenant governors from 24 states and seven union territories.
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Nancy Jaiswal is a journalist who started her career in reporting and has covered both hard and soft news. From serious city news developments to lighthearted lifestyle pieces, she has written on almost everything hapenning in India (except maybe alien invasions¡ªyet!). For her, writing isn¡¯t just work; it¡¯s a passion, an obsession, and sometimes the reason she forgets to reply to texts.
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