India Surpasses Japan to Become World's Fourth Largest Economy

India has officially surpassed Japan, emerging as the fourth largest economy globally, according to NITI Aayog CEO B V R Subrahmanyam. This significant development was announced following the 10th Governing Council meeting of NITI Aayog.

Subrahmanyam pointed out that the current geopolitical and economic climates are conducive to India's growth. He cited International Monetary Fund (IMF) data to substantiate India's new standing, explaining that only the United States, China, and Germany have larger economies than India. Looking ahead, Subrahmanyam projected that India could potentially rise to become the third largest economy within the next 2.5 to 3 years.

In response to US President Donald Trump's call for Apple iPhones to be manufactured in America instead of India, Subrahmanyam highlighted the continued attractiveness of India as a cost-effective manufacturing hub. Additionally, he mentioned the upcoming announcement of a second round of asset monetisation in August.

(With inputs from agencies.)