Economy of India: India became the world's fourth largest economy - leaving Japan behind

Economy of India: India has achieved a historic position in the global economy by surpassing Japan. Now it is the turn of Germany, whose position as the third largest economy seems to be the next target for India in the coming years. The latest figures and global economic analysis are indicating that India's development journey is not going to stop now.

India becomes fourth largest economy

NITI Aayog Chief Executive Officer (CEO) BVR Subramaniam recently made a big announcement after the 10th meeting of the NITI Aayog Governing Council that India has now become an economy of $ 4,000 billion (4 trillion dollars). He said that India has overtaken Japan and is now established as the fourth largest economy in the world.

Subramanian said that according to the data of the International Monetary Fund (IMF), India is now bigger than Japan. His statement confirms that India's economic progress is not only gaining momentum, but is also moving forward with stability.

Now eyes on Germany

India's next destination is now clear - to overtake Germany and become the world's third largest economy. According to Subramaniam, if India sticks to its plans and policy thinking, then India can become an economy of more than 5 trillion dollars in the next 30 to 36 months i.e. by 2027-28. In such a situation, overtaking Germany has now become not just a possibility but a strong goal.

IMF and World Bank estimates

Despite global uncertainties, not only Niti Aayog but also international institutions are expressing confidence in the strength of India's economy. Both IMF and World Bank believe that India's growth rate will remain above 6% - which is the fastest among all major developed and emerging economies.

This confidence shows that India's economic infrastructure, consumption capacity, young population and the pace of digital transformation have made the country very attractive economically.

What did Subramaniam say on Trump's statement?

When asked about former US President Donald Trump's statement - in which Trump expressed hope that brands like Apple manufacture in the US in the future - Subrahmanyan said that "it is uncertain what the duty rates will be, but the way things are going, India is becoming a cheaper and better place for manufacturing."

His statement also indicates that India is moving towards becoming a global player not only in the service sector but also in the field of manufacturing.

Next step towards investment and privatization

The CEO of NITI Aayog also informed that the second phase of bringing government assets to the market will be started in August. This makes it clear that the Government of India is continuously active to promote economic reforms and investment.