According to BVR Subrahmanyam, Chief Executive Officer of Niti Aayog, India has moved up to fourth place in the size of its economy, surpassing Japan. At a media meeting after the 10th Niti Aayog Governing Council, Subrahmanyam stated that India’s Gross Domestic Product (GDP) has reached $4.187 trillion, slightly more than Japan’s GDP of $4.186 trillion, according to the International Monetary Fund (IMF).
This represents a key point in the testing process, said the astronaut. The United States, China, Germany, and India are now the biggest economies on the planet. He explained that the global situation today supports India’s chances for more growth and development.
If reforms and investments continue, Subrahmanyam believes India will become the world’s third-largest economy within 2.5 to 3 years. According to IMF figures, Germany, whose GDP is $4.74 trillion, leads India as the third-largest national economy.
Even so, the gap in per capita income between countries is still very large. Per capita earnings in Japan amount to $33,960, but Germany’s income is more – at $55,910. On the other hand, India’s per capita GDP is $2,880, showing that its people earn much less and have a lower standard of living than those in China.
The economic leap was possible after Prime Minister Narendra Modi committed to making India the third-biggest economy in the world by promising so in the 2024 general elections. Modi’s Bharatiya Janata Party (BJP) got 240 seats in the elections held in April and June, making it possible for him to retain the prime minister’s office and keep working on his economic plans.
Rapid growth in India results from increased domestic demand, growth in its services, and a higher global level of faith in India’s future.
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