India to become 4th largest economy by end of 2025: NITI Aayog member
NITI Aayog member Arvind Virmani on Monday said India is set to become the fourth-largest economy in the world by the end of 2025, an assertion which came days after NITI CEO BVR Subrahmanyam claimed India has already overtaken Japan to reach that spot.The International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released in April, had said that India is expected to be the fourth-largest economy in the world with a GDP of USD 4.19 trillion in 2025, ahead of Japan.advertisement"India is in the process of becoming the fourth-largest economy, and I am personally confident that will happen by the end of 2025 because we need (data) of all 12 months GDP to say that, you know, to assert that. So to say till then, it remains a forecast," Virmani told PTI.
Asked to comment on NITI Aayog CEO BVR Subrahmanyam's remark that India has become the fourth-largest economy in the world, the eminent economist said: "So this is a complicated question, and I really do not know what the words anybody has used. Perhaps there was some word which was missed or something".Citing IMF data, Subrahmanyam, last week, said that the size of the Indian economy today is larger than Japan's."We are the fourth-largest economy as I speak. We are a USD 4 trillion economy as I speak," the NITI Aayog CEO had said.advertisementIt 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 had said.Explaining further, Virmani said, "When we discuss the size of economies publicly, we generally use US dollar current prices".Virmani further pointed out that 'when we compare economy, we generally do it in terms of annual GDP'.Virmani said IMF in its WEO report released in April gave a precise number, which showed that India's GDP for the full year 2025, would become higher than that of Japan." I would say that I am pretty confident that that will happen, but the exact data will probably not be available till January or February, because we are talking about the whole year," he observed.India's nominal GDP for 2025 (FY26) is expected to be USD 4.187 trillion marginally more than the likely GDP of Japan which is estimated at USD 4.186 trillion, the IMF had said.According to IMF data, India's per capita income has doubled from USD 1,438 in 2013-14 to USD 2,880 in 2025.The IMF in its WEO report also said the Indian economy is projected to grow at 6.2 per cent in 2025-26, slower than earlier estimated rate of 6.5 per cent, due to escalated trade tensions and global uncertainty.advertisement"For India, the growth outlook is relatively more stable at 6.2 per cent in 2025, supported by private consumption, particularly in rural areas," the IMF had said.According to the report, the global growth is projected at 2.8 per cent in 2025, lower by 0.5 percentage points estimated earlier. In 2026, the global economy is estimated to grow at 3 per cent.Must Watch
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
20 minutes ago
- Time of India
Unfair trade practices by Bangla suppliers forced India to restrict import of jute: Officials
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India imposed restrictions on the import of jute and allied fibre products from Bangladesh in view of its "unfair trade" practices including circumvention of anti-dumping duty that harmed Indian farmers, people familiar with the matter said on new restrictions will apply to imports into India of Bangladesh's jute and allied fibre products across all land and seaports, with the exception of the Nhava Sheva seaport in punitive measures were announced on Friday and they came into effect has been a sharp downturn in India-Bangladesh relations after deposed prime minister Sheikh Hasina fled Dhaka and took shelter in India in August last year in the face of a massive anti-government must not be allowed to persist with "unfair trade" practices that harm the livelihood of Indian farmers and mill workers in a sector that forms the economic backbone of rural regions, said an official on condition of market access extended by India in good faith cannot be undermined to the detriment of India's economic interests, said another decision on Bangladeshi jute and fibre products came weeks after it put restrictions on ready-made garments and several other consumer goods through land the provisions of SAFTA (South Asian Free Trade Area), jute from Bangladesh enjoys a duty free access to the Indian jute industry has, for long, suffered due to the adverse impact of dumped and subsidised imports of jute products, particularly yarn, fibre and bags' from the neighbouring country, the people cited above is credible evidence that Bangladeshi jute exports continue to benefit from state subsidies extended by the government of Bangladesh, they response to these concerns, the Directorate General of Anti-Dumping and Allied Duties (DGAD) conducted detailed investigations and imposed anti-dumping duty (ADD) on jute and goods originating from Bangladesh, the people the imposition of ADD has not yielded a substantial reduction in imports, they from various subsidies, common malpractices by Bangladeshi exporters include circumvention of anti-dumping duty through technical exemptions, mislabelling, exports through ADD exempted firms and "misdeclaration" to secure higher subsidies, the people restrictions are aimed to counter unfair trade practices , promote ' Atmanirbhar Bharat ' (self-reliance), and protect rural livelihoods tied to India's domestic jute economy, the people cited above said."To safeguard the interests of the domestic jute industry and to counter the unfair trade practices employed by the Bangladesh exporters acting in collusion with Bangladeshi establishment, it has been decided to restrict Bangladesh imports of jute and jute products to India through only from Nhava Sheva port," said one of the people."The imposition is expected to streamline the quality checking, prevent misdeclaration and fraudulent labelling, thereby neutralising the malpractices that have plagued the industry for long," the person said."The government is also taking steps to ensure that exporters in Bangladesh do not circumvent the aforesaid restrictions by routing their jute exports through third countries," he added.
The Print
32 minutes ago
- The Print
Kolhapuris get Prada makeover at Rs 1.2 lakh: Where's the credit, fume activists as label acknowledges ‘inspiration'
'I am deeply annoyed and disgusted by the way Prada has appropriated something deeply Indian and traditional — without giving any recognition to the craftspeople or the culture it comes from. This is a metaphor for how we in India often undervalue our own heritage, dismissing it as primitive or merely 'handicraft,' while the world repackages it as luxury,' designer and activist Laila Tyabji, who has worked with craftspersons for decades, told PTI. That the GI-tagged footwear, a symbol of Indian craft that goes back centuries was appropriated by the Italian luxury label which featured it in Spring/Summer 2026 show, led to a massive debate on cultural theft and giving artisans their rightful due. New Delhi, Jun 28 (PTI) The humble kolhapuri, style statement for affordable ethnic elegance and simply staple wear for many, catapulted to the rarefied runways of Milan with Prada rebranding the handcrafted chappal 'leather flat sandals' at Rs 1.2 lakh. The outrage was instant and intense. 'It's time we acknowledged that India holds extraordinary skills and knowledge systems. We must recognise, protect, and proudly present them to the world—before others steal and sell our identity back to us,' the Dastkar chairperson added. Several days later, as the debate escalated in India, Prada acknowledged the connection and said the design is 'inspired' by the Indian handcrafted footwear. It said the sandal featured in the men's 2026 fashion show is still at the design stage and none of the pieces worn by models on the ramp are confirmed to be commercialised. 'We are committed to responsible design practices, fostering cultural engagement, and opening a dialogue for a meaningful exchange with local Indian artisan communities as we have done in the past in other collections to ensure the rightful recognition of their craft,' Prada's group head for corporate social responsibility, Lorenzo Bertelli, said in reply to a letter by the Maharashtra Chamber of Commerce, Industry and Agriculture (MACCIA). The industry lobby had sought exploration collaborations and fair compensation to the artisans and also adherence to ethical fashion practices that respect traditional knowledge and cultural rights. For many though, the initial absence of credit for Kolhapuris, paraded as cutting-edge high fashion for clients who are the polar opposite of the regular Kolhapuri wearer, was the most important takeaway from the glam Milan moment. Kolhapuri chappals are typically handcrafted and manufactured in the Maharashtra town of Kolhapur, from where they take their name, and the surrounding districts of Sangli, Satara and Solapur. The craft has a legacy dating back to the 12th or 13th century. Originally patronised by the royals of the region, Kolhapuri sandals were crafted by the local cobbler community using vegetable-tanned leather and were entirely handmade — using no nails or synthetic components. They're also known for their signature T-strap shape, detailed braiding, and open-toe design — a perfect blend of practicality and fashion. In 2019, Kolhapuri chappals were granted GI tag status by the government of India, recognising them as a unique product tied to eight districts across Maharashtra and Karnataka. This legal status protects the craftsmanship and origin from imitation, and helps promote economic security for rural artisans. A PIL against Prada could well be in the works. GI expert and heritage rights advocate Ganesh Hingare is already collating documents to sue the luxury fashion brand for what he describes as 'intellectual property infringement under Section 22 of the GI Act'. 'This isn't the first time India has faced such appropriation. We've fought and won similar battles before — like in the turmeric patent case and the basmati rice case in the US. 'This is not just about a pair of chappals. This is about cultural theft, disrespect to artisans, and violation of India's GI laws. An apology is not just due to Kolhapur, but India,' Hingare, who has worked on over 100 GI-tagged products, including 59 from Maharashtra alone, told PTI. In Maharashtra, BJP Rajya Sabha MP Dhananjay Mahadik, who belongs to Kolhapur, led a delegation of traditional Kolhapuri chappal artisans to meet Chief Minister Devendra Fadnavis. Social media is also abuzz with accusations of cultural appropriation. Global footwear brand Bata called out Prada for rebranding what 'India has cherished for centuries'. 'It's a reminder that heritage always leads, and trends follow,' said Deepika Deepti, head of marketing at Bata India. 'The Kolhapuri chappal is not a 'design discovery' — it's a living tradition. At Bata India, we've proudly brought this craftsmanship to millions, long before it appeared on international runways. Real originality doesn't come with a luxury tag — it comes with legacy,' she said. The Prada projection has had an unexpected fallout. In Delhi's popular Janpath market, Ashok Grover has been selling a wide range of Kolhapuri chappals since the 1970s. Demand has been dwindling but suddenly there is a flood of inquiries. 'These luxury companies first invest, then go all out on marketing, create hype around products — which aren't even theirs — and finally slap an extravagant price on them. I saw the picture of that chappal — at best, it wouldn't cost more than Rs 2,000 to Rs 3,000. And here, I can't even sell the same article for Rs 1,000,' said the owner of Maujri Collections, one of the oldest shops in Janpath. When he started his business, the slippers were being sold for just Rs 10. So when and how did Kolhapuris really become a rage, part of the quintessential kurta, pyjama and ethnic jhola look loved by college students, aspiring politicians, and so many more. Some cite the 1979 Hindi blockbuster 'Suhaag' in which Amitabh Bachchan — who plays a cop — has a memorable exchange with a corrupt seth (businessman) : 'Yeh kya hai?' 'Chappal' 'Kaunsa?' 'Kolhapuri', as he takes off his slipper and slaps him hard with it. It's not just Kolhapuri chappals that have fallen prey to cultural appropriation. Experts also cite the humble Indian jhola, typically priced between Rs 200–300 in local markets, now being sold as a Rs 4,000 'India souvenir tote' on luxury American retail site Nordstrom. Traditional dupattas have been rebranded as 'Scandinavian scarves', while intricately embroidered lehengas are being passed off as trendy 'Y2K maxi skirts'. On the flip side, some fashion experts believe the sudden global attention on Kolhapur chappals can help fuel the revival of this traditional unisex footwear. Celebrity fashion designer Bhawna Rao believes the moment will 'spark curiosity, draw investment, and invite younger generations to engage with heritage crafts in new ways'. Shirin Mann, founder of footwear label NEEDLEDUST — known for reinventing the traditional Indian 'jutti' — said Prada has brought 'massive recall value' to the Kolhapuri chappal. 'Until now, it hadn't been considered part of the 'cool' or aspirational footwear space in India's luxury market… I truly believe in the ripple effect of what Prada has done. 'While it may not be a direct collaboration, the global visibility can be powerful, boosting awareness, reviving demand, creating jobs, and most importantly, sparking a renewed appreciation for the craftsmanship of the artisans,' said Mann, adding that global reinterpretations are inevitable, but they 'should come with context, credit, and ideally, collaboration'. PTI MG AA MIN MIN MIN This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
35 minutes ago
- Time of India
Century-old train control systems set for big upgrade! Indian Railways prepares new blueprint; focus on safety and train speed
The Railway Board will soon create a detailed blueprint for a modern, technology-driven system. Indian Railways is set to undertake a major upgrade of its over 100-years-old train control systems in a bid to improve operational efficiency and safety across the world's fourth-largest railway network. The Railway Board will soon create a detailed blueprint for a modern, technology-driven decision support system aimed at managing operations and traffic more effectively and also speed up trains, reported ET quoting officials. The move comes as growing traffic congestion, delays, and a spate of accidents have raised red flags about the need for urgent reform. The planned overhaul will focus on freight-heavy corridors as well as high-speed and mixed-traffic routes, offering sharper control and streamlined operations. Indian Railways Set For Big Upgrade Central to the new system will be an integrated command centre bringing together all departments involved in train operations. This will replace the current siloed and largely manual control system with advanced decision-making tools for better train movement management, route planning, and crisis response. The shift is also expected to ease the burden on train controllers dealing with rising traffic density. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Also Read | Indian Railways hikes fares of passenger trains; minor increase in ticket prices effective from July 1, 2025 - check details A senior official was quoted as saying that the Railway Board will draw lessons from international systems in countries such as Japan, Russia, Germany, Switzerland, France, and Spain. However, these cannot be adopted directly due to the unique operational complexity of Indian Railways. With long-haul freight trains, semi-high-speed services, and a wide variety of rolling stock, Indian conditions demand customised solutions. Indian Railways eyes new tech The urgency for reform gained momentum after a series of train accidents highlighted gaps in the existing control infrastructure. In response, the Railway Board set up a committee to recommend changes in the traffic control system. Chandan Chaturvedee, a retired chief controller who was part of the team that represented the traffic control cadre before the Railway Board, noted that the department had long suffered from understaffing and lack of recognition."These reforms will ensure the long-standing demands of this crucial department are met," he said. Also Read | New Tatkal ticket booking rules 2025: Indian Railways announces compulsory Aadhaar authentication from July 1; what it means for passengers Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
