India Overtakes Japan to Become World’s 4th Largest Economy: NITI Aayog Chief

New Delhi: India has created history. Niti Aayog CEO BVR Subramaniam has given a big news regarding the economy. He told that India has now become the fourth largest economy in the world. India has left Japan behind.

Subramanian said this after the 10th Governing Council meeting of Niti Aayog. He said that the environment is good for India right now. The economic condition of the country is strong. Subramaniam told PTI, 'Right now we are the fourth largest economy in the world. Our economy is 4 trillion dollars.'

Only these three countries are ahead

Subramanian cited data from the International Monetary Fund (IMF). According to the IMF, India's economy has become bigger than Japan. He further said, 'Only America, China and Germany are ahead of India. If we continue to work according to the plan, then in the next 2.5-3 years we will become the third largest economy.'

It is cheaper to make things in India

US President Donald Trump recently said that he wants Apple to make iPhones in the US, not in India. On this, Subramaniam said that it is difficult to say what the tariff will be. But right now it is cheaper to make things in India.

Subramanian also said that the government will once again rent or sell its assets. This is called asset monetization. Its second round will start in August. This will give more money to the government, which will lead to the development of the country.

India got good news here too

Fitch Ratings has increased India's average annual growth potential forecast to 6.4 percent by the year 2028. The rating agency had estimated it to be 6.2 percent in November 2023. Fitch updated its five-year potential gross domestic product (GDP) estimates, saying that the Indian economy has bounced back more strongly than we expected at the time of the 2023 report. This indicates less adverse effects of the global pandemic shocks.

UN also gave good signs

India's economy is growing rapidly at this time. According to a report by the United Nations (UN), this year the Indian economy will overtake not only China but also the US and Europe. With this, India will be in first place in terms of economy.

According to the report, India's economy will grow at a rate of 6.3% this year. This is the highest among the world's major economies. China's economy is estimated to grow at 4.6%, America's 1.6%, Japan's 0.7% and Europe's 1%. Germany's economy may decline by 0.1%.