India has officially overtaken Japan to become the fourth-largest economy in the world, according to BVR Subrahmanyam, CEO of NITI Aayog. Citing IMF data, Subrahmanyam confirmed India’s nominal GDP has reached $4.187 trillion, slightly higher than Japan’s, marking a monumental shift in the global economic order.
A Decade of Remarkable Growth
- In 2014, India was part of the so-called “fragile five” economies.
- By 2025, it has risen to the top four, trailing only the US, China, and Germany.
- Per capita income has doubled from $1,438 (2013-14) to $2,880 (2025).
Favorable Environment and Future Projections
- The International Monetary Fund (IMF) estimates India’s GDP at $4.19 trillion in its April 2025 World Economic Outlook report.
- India’s growth forecast for FY26 stands at 6.2%, driven by rural consumption—higher than the global projection of 2.8%.
- Subrahmanyam predicts that India could become the third-largest economy within 2.5–3 years.
Vision 2047: From Developing to Developed
- NITI Aayog’s blueprint for a developed India — “Viksit Bharat @ 2047” — envisions:
- A $30 trillion economy
- High-income status (defined as per capita income > $14,005)
- Global leadership in innovation, governance, justice, and sustainability
- A $30 trillion economy
Six Pillars of India’s Strategic Roadmap:
- Macro-Economic Goals and Strategy
- Empowered Citizens
- A Thriving and Sustainable Economy
- Technology and Innovation Leadership
- Global Leadership (Vishwa Bandhu)
- Governance, Security, and Justice Delivery
Bottom Line: India’s economic ascent reflects long-term structural reforms, domestic resilience, and strategic planning — putting it on track to become not just a global economic powerhouse, but a developed nation by 2047.
Source: Indian Express
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