Read, Digital Desk : As per Niti Aayog CEO BVR Subrahmanyam’s claims, India has surpassed Japan to become the world’s fourth largest economy. Speaking to the media after the 10th Governing Council meeting, Subrahmanyam outlined India’s growth potential along with is position in the global economy.

He however, added, “Now we are a $4 trillion economy. And as of today, India stands as the fourth amost country in the world.”

IMF Data does confirm India’s economic leap

Subrahmanyam quoted the International Monetary Fund (IMF) figure while gauging India’s GDP which currently stands at $4.187 trillion, thus eclipsing Japan’s economy which stands at $4.186 trillion. While this does put India in third position for nominal GDP, it does stand behind the US, China, and Germany.

Subrahmanyam alongside other economical faculty did state that there was a lot of disparity when it came to compared averages. Japan stands fair ahead with a per capita income of $33,960 while India still trails at $2880.

Germany, the next benchmark

Germany currently stands in third place with an economy valued at $4.74 trillion, with a Per capita GDP of $55,910. Whereas Subrahmanyam does state that India could reach this level in 2.5 to 3 years if there is consistent hope from planned economic policies.

Modi Government’s Vision Aligns with Economic Progress

The statement modi made seems to fall in place with his 2024 vision of India becoming the third largest economy of the world during his third term as prime minister. It is to be noted that modi had won the elections for the third consecutive time by securing 240 seats to the Lok Sabha. Modi had reiterated the claims of his government trying to revive the economy since 2014 on his election campaigning.

“During my election campaign, I always mention how we went from being the fifth largest economy, now almost third and will reach there soon, and mark my words, we will get there,” he said on a CII function a month after the budget was presented, “In 2014, we had an economy riddled with unlimited toxic scams, but during my ‘supervision’ shall we say, we managed to stabilize and even expand.”

The CII post budget function is for the Confederation of Indian Industry which covers  a broad range of industries in India.

Finance Ministry Echoes Optimism

The phrase ‘under the monsoon of reforms and growth initiated by Modi’ is something not many would have thought goes together like peas in a pod. Nirmala Sitharaman has also backed this target last month of May 2024, saying on record that India is on course to become the third largest economy by 2025.

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