India’s economy is now officially the fourth biggest in the world, surpassing Japan, according to B V R Subrahmanyam, CEO of NITI Aayog. At a news conference held after NITI Aayog’s 10th Governing Council meeting on Saturday, Subrahmanyam emphasized the favorable geopolitical and economic circumstances for India.
“We are the fourth largest economy as I speak. We are a $4 trillion economy as I speak,” Subrahmanyam said, as quoted PTI. Subrahmanyam cited IMF data, which confirms that India’s economy is now larger than Japan’s.
“It is only the US, China, and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third largest economy,” he added.
Regarding a recent remark by US President Donald Trump that he wants Apple iPhones sold in the US to be made in the US rather than in India or another country, Subrahmanyam noted, “What the tariff will be, is uncertain. Given the dynamics, we will be a cheap place to manufacture.”
Additionally, Subrahmanyam disclosed that plans are on to launch a second round of asset monetization in August.
India is now bigger than Japan, according to Subrahmanyam, who cited IMF figures. India’s economy ranked sixth globally till 2024.
“It is only the US, China and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third largest economy,” Subrahmanyam said.
With a GDP of $4.19 trillion in 2025, India is predicted to surpass Japan as the world’s fourth largest economy, according to the International Monetary Fund’s (IMF) April release of its World Economic Outlook (WEO) report.
According to the IMF, India’s nominal GDP for 2025 (FY26) is projected to be $4.187 trillion, which is slightly higher than Japan’s probable GDP of $4.187 trillion.
India’s per capita income quadrupled from $1,438 in 2013–14 to $2,880 in 2025, according to IMF estimates.
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