India surpasses Japan as a $4 trillion economy, according to NITI Aayog CEO's announcement.
In a significant milestone for India's economic growth, NITI Aayog CEO BVR Subrahmanyam announced on Saturday that India has overtaken Japan to become the fourth-largest economy in the world. This development was revealed during the 10th governing council meeting of NITI Aayog.
Referencing data from the International Monetary Fund (IMF), Subrahmanyam confirmed that India's economy, currently valued at approximately $4 trillion, now outpaces Japan's economy, estimated to be slightly lower at $4.18 trillion.
Looking ahead, the CEO expressed optimism that India could ascend to the third spot globally by 2028, surpassing Germany, with a projected GDP of around $5.5 trillion.
During the press briefing, Subrahmanyam clarified the implications of recent comments made by US President Donald Trump regarding the manufacture of iPhones in America. While the exact impact of potential tariffs remains uncertain, India's competitive advantage as a cost-effective manufacturing hub remains undiminished.
Moreover, the government's asset monetization plan is set to receive a new round of development, with an announcement scheduled for August.
In a separate development, Prime Minister Narendra Modi chaired the 10th Governing Council Meeting of NITI Aayog, where he emphasized the importance of collective effort in transforming India into a developed nation by 2047. Addressing the assembled representatives from states and union territories, Modi urged everyone to work towards the common goal of making India a developed nation, with accelerated progress expected when all states collaborate.
The rapid growth of India's economy, coupled with the collective ambition of its people, positions the country adeptly in its quest to become a global economic powerhouse.
- The government's asset monetization plan is expected to undergo further development, with an announcement scheduled for August, aiming to boost India's financial growth.
- Prime Minister Narendra Modi underscored the importance of collective effort during the 10th Governing Council Meeting of NITI Aayog, emphasizing that collaboration among states is crucial for India's transformation into a developed nation by 2047.
- As India overtakes Japan to become the fourth-largest economy in the world and strives towards ascending to the third spot globally, the competitive advantage of India as a cost-effective manufacturing hub in the international business sector remains strong, despite potential tariff changes.
