India has officially cemented its position as the world's fourth largest economy, surpassing Japan in a significant economic leap. This landmark achievement was confirmed by NITI Aayog CEO B.V.R. Subrahmanyam during a press briefing following the 10th Governing Council meeting of NITI Aayog on Saturday, highlighting India's robust growth amidst favorable geopolitical and economic conditions.
"We are the fourth largest economy as I speak. We are a $4 trillion economy as I speak," Subrahmanyam stated, as quoted by PTI. He further reinforced this assertion by citing data from the International Monetary Fund (IMF), which validates India's economic scale now exceeding that of Japan. This places India behind only the United States, China, and Germany in global economic rankings. Looking ahead, Subrahmanyam expressed strong confidence in India's continued upward trajectory, projecting that the nation is poised to become the world's third-largest economy within the next 2.5 to 3 years, provided current plans and strategies remain on course.
This economic milestone underscores India's growing influence on the global stage and its resilience in navigating complex economic landscapes. The rapid expansion is a testament to various structural reforms, digital adoption, and increased domestic consumption and investment. For sectors like urban infrastructure and transportation, this economic growth acts as a powerful catalyst, driving demand for modern amenities and connectivity.
"India's ascension to the fourth largest economy is a truly historic moment, reflecting the nation's immense potential and the effectiveness of its growth strategies," commented Mrs. Mamta Shah, MD & CEO, Urban Infra Group. "For the urban infrastructure sector, this translates into unprecedented opportunities. A stronger economy means more investment in smart cities, advanced metro networks, high-speed rail, and sustainable urban development, all of which are crucial for supporting this growth and improving the quality of life for our citizens. This milestone reinforces our commitment to building a future-ready India."
Addressing concerns regarding global trade dynamics, particularly a recent comment from US President Donald Trump about manufacturing iPhones in America, Subrahmanyam emphasized India's competitive advantage. "What the tariff will be, is uncertain. Given the dynamics, we will be a cheap place to manufacture," he noted, reaffirming India's appeal as a global manufacturing hub.
In a further development, Subrahmanyam also revealed that the government is preparing for a second round of asset monetization, with an announcement expected in August. This initiative is anticipated to unlock further resources for infrastructure development and fuel continued economic expansion.
India's journey to becoming the world's fourth largest economy marks a pivotal moment, signaling a new era of growth, opportunity, and global prominence. This achievement is set to accelerate development across various sectors, particularly urban infrastructure, as the nation continues its march towards becoming a leading economic powerhouse.
