New Delhi: According to BVR Subrahmanyam, CEO of NITI Aayog, India’s economy has surpassed Japan to become the fourth largest in the world on Saturday.
Mr. Subrahmanyam told reporters following the 10th meeting of Niti Aayog’s Governing Council that India is benefiting from a generally favourable geopolitical and economic climate.
“We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak,” he said.
Citing IMF data, Mr. Subrahmanyam said India today is larger than Japan.
“It is only the US, China and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third largest economy,” Mr Subrahmanyam.
Responding to a question on US President Donald Trump’s recent statement that he expects Apple iPhones that will be sold in the US to be manufactured in America and not India, or anyplace else, Mr Subrahmanyam said, “What the tariff will be, is uncertain. Given the dynamics, we will be cheap place to manufacture.”
Additionally, he stated that a second asset monetisation pipeline round is in the planning stages and will be revealed in August.
The IMF predicts that India, which wants to become a superpower by 2050, will surpass Germany the next year and Japan in 2026. However, based on the body’s most recent statistics, Subrahmanyam’s assertion that it is already the fourth-largest economy is untrue. India’s economy is currently the fifth largest in the world in terms of GDP.