India has achieved a momentous milestone in its economic growth journey, surpassing Japan to become the world’s fourth-largest economy. This announcement was made by NITI Aayog CEO B V R Subrahmanyam following the 10th Governing Council meeting of the organisation.
Subrahmanyam highlighted that the overall geopolitical and economic environment is favourable to India, contributing to its economic success. He proudly stated, “We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak.” According to IMF data, India now stands ahead of Japan in terms of economic size, trailing only behind the United States, China, and Germany.
Looking to the future, Subrahmanyam expressed optimism about India’s economic trajectory, predicting that if current plans and strategies are executed successfully, India could become the third-largest economy in the world within the next 2.5 to 3 years.
In response to a query about US President Donald Trump’s recent comments regarding the manufacturing of Apple iPhones in the US, Subrahmanyam emphasised the cost advantages of manufacturing in India. He stated, “Given the dynamics, we will be a cheap place to manufacture.” This indicates that India remains an attractive destination for foreign investors looking to set up manufacturing facilities.
Additionally, Subrahmanyam revealed that a second round of the asset monetisation pipeline is currently being prepared and is set to be announced in August. This initiative aims to leverage assets for economic growth and development in the country.
India’s ascent to become the world’s fourth-largest economy reflects its growing influence and potential on the global stage. With strategic planning and continued economic reforms, the country is poised to further strengthen its position in the global economy in the coming years.
