New Delhi, May 25, 2025 — India has officially overtaken Japan to become the fourth-largest economy in the world, according to B.V.R. Subrahmanyam, CEO of NITI Aayog. The announcement was made during a media briefing following the 10th Governing Council meeting of the policy think tank on Saturday.
“We are the fourth-largest economy as I speak. We are a USD 4 trillion economy,” Subrahmanyam stated, citing International Monetary Fund (IMF) data. “It is only the US, China, and Germany that are ahead of India. If we stay on course with current plans and strategies, we will likely become the third-largest economy in the next 2.5 to 3 years.”
Subrahmanyam emphasized that India’s geopolitical and economic positioning is currently favourable, reinforcing the country’s upward economic trajectory.
In response to recent remarks by U.S. President Donald Trump—who said he expects Apple iPhones sold in the U.S. to be manufactured domestically rather than in India or elsewhere—Subrahmanyam downplayed any immediate concerns. “What the tariff will be is uncertain,” he said. “But given the global manufacturing dynamics, India remains a cost-effective and competitive manufacturing destination.”
He also revealed that the government is preparing a second round of its asset monetisation pipeline, which is expected to be announced in August. This follows the success of the initial monetisation program aimed at unlocking value from underutilised public assets.
The milestone reinforces India’s growing stature on the global economic stage and marks a significant step toward achieving its long-term ambition of becoming a $5 trillion economy.
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