‘Giant leap towards Viksit Bharat': Union Minister on India becoming 4th largest economy
His remarks came shortly after official confirmation that India has surpassed Japan to become the world's fourth-largest economy.
'Thanks PM @narendramodi for making this happen,' Singh posted on the social media platform X, celebrating India's ascent in the global economic rankings.
The Minister's comments echoed a wave of optimism in government circles after NITI Aayog CEO B.V.R. Subrahmanyam revealed that India is now a $4 trillion economy, based on International Monetary Fund (IMF) data.
Speaking at a press conference following the 10th NITI Aayog Governing Council Meeting, Subrahmanyam confirmed, 'We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak, and this is not my data. This is IMF data. India today is larger than Japan."
Only the United States, China, and Germany now stand ahead of India in terms of nominal GDP.
"It's only the US, China, and Germany which are larger, and if we stick to, you know, what is being planned, what is being thought through, it's a matter of another 2.5 to 3 years; we would become the third largest economy,' Subrahmanyam mentioned.
The IMF's latest World Economic Outlook, released earlier this month, projected India's GDP at $4.187 trillion in 2025 -- slightly higher than Japan's $4.186 trillion -- cementing India's position as the fourth-largest economy.
Looking ahead, Subrahmanyam said that if India stays on its planned economic course, it could surpass Germany to become the third-largest economy within the next 2.5 to 3 years.
The IMF report also highlighted India's resilience as the world's fastest-growing major economy, with a projected growth rate of over 6 per cent in the coming years -- far ahead of stagnating European economies and a slowing China.
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