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India to overtake Japan as 4th largest economy by 2025: Ex-Niti Ayog Chief Amitabh Kant

  • India forecasted to overtake Japan as the fourth-largest economy by 2025
  • Record GST collections, and sustained GDP growth exceeding 8 percent make India a country to watch out for
  • India's current GDP stands at 3.7 trillion USD while Japan's is at 4.1 USD

12 May 2024
India to overtake Japan as 4th largest economy by 2025: Ex-Niti Ayog Chief Amitabh Kant

India is poised to ascend in the global economic ranking, with former Niti Aayog Chief, Amitabh Kant, forecasting that the nation will surpass Japan to become the world's fourth-largest economy by 2025. Currently ranked fifth, after the US, China, Germany, and Japan, India's GDP surged ahead of the UK in 2022, marking a significant milestone in its economic trajectory. India's GDP today stands at 3.7 trillion USD.

Citing robust macroeconomic indicators, Kant outlined key factors propelling India's ascent to the top echelons of the global economy. Notable achievements include record GST collections, sustained GDP growth exceeding 8 percent over the past three quarters, and expanding currency trading partnerships with 27 nations. Additionally, manageable inflation levels and a transformative shift from the 'Fragile 5' designation in 2013 to a leading economic player underscore India's remarkable progress.

India's economic transformation is marked by a double-digit growth across pivotal sectors such as steel, cement, and automobile manufacturing. Moreover, the nation has emerged as a global leader in digital public infrastructure, facilitating a surge in e-transactions to 134 billion, representing 46 percent of all global digital payments. Initiatives like Jan Dhan, Aadhaar, and Mobile Trinity have fostered financial inclusion, with current account balances exceeding Rs 2.32 lakh crore.

Kant's projections highlight India's journey from economic vulnerability to resilience and dynamism, underscoring the nation's growing prominence on the global stage. With sustained momentum and strategic initiatives, India is poised to solidify its position among the world's leading economies, signaling promising prospects for future growth and development.

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