Surpassing Japan, India marks a historic economic milestone with rapid growth, innovation, and global impact: NITI Aayog CEO
India has been growing steadily over the past decade, with several economic reforms propelling a gamut of changes. Having a geopolitical advantage and the present economic scenario, the Niti Aayog head, Mr. BVR Subramanyam, has predicted India’s USD 4 trillion economy.
With an official entry into the big 4, India has overtaken Japan, according to the IMF’s GDP for 2025, citing the rapid economic growth showcased by India. The World Economic Outlook Report has seen the steadiness of trajectory to forecast that India may surpass Germany by 2028 with an increased GDP of USD 5.5 trillion.
The Indian per capita income has doubled from USD 1,438 in 2013-14 to almost a decade later with USD 2,880 as per IMF data, with a further growth rate of 6.2% this fiscal year. Although trade tensions and global uncertainty may play a huge role, however, the outlook on India’s rise seems stable. Projected growth areas especially in the rural regions within increased private consumption will add to the estimated growth.
Assessing the global growth rate, presently at 2.8%, a lower figure due to the ongoing crisis. But with an optimistic growth rate of a probable 3%, this financial year, India can get into the top ‘ fragile five’, economies of the world. The report also suggested that India has all the attributes of a developed country and can also compete with the per capita income of high-income countries in a few years.
The countdown for the 2047 goal to achieve the VIKSIT BHARAT has already begun and strategic interventions in the form of key building blocks and themes have been identified to fulfil the potential of a high income country.