India has thundered past Japan to claim the position of the world’s fourth-largest economy, announced CEO BVR Subrahmanyam at a press briefing following the 10th Governing Council meeting of NITI Aayog. Citing data from the International Monetary Fund (IMF), he affirmed that the nation now stands tall behind only the United States, China, and Germany. He declared that India is, at this very moment, a $4 trillion economy, a force rising fast on the global ladder.
Subrahmanyam underlined that India, which until 2024 ranked fifth, has now overtaken Japan in terms of nominal GDP.
Alluding to IMF figures, he said that India’s gross domestic product stood at $4.187 trillion for FY26, surpassing Japan’s estimated GDP for the same period.
He also pointed out that India’s per capita income has more than doubled—from $1,438 in 2013–14 to a projected $2,880 in 2025—showcasing the country’s leap in economic strength.
With a tone of assertive optimism, Subrahmanyam remarked that if the country stays the course of its current economic trajectory and strategic planning, India could very well become the third-largest economy within two and a half to three years.
The IMF’s World Economic Outlook (WEO) report released in April had already forecast India’s growth, predicting its economy to surpass Japan’s with a GDP of $4.19 trillion this year. Subrahmanyam spoke about the geopolitical and economic dynamics working to India’s advantage.
Addressing recent remarks from US President Donald Trump, who voiced expectations that Apple iPhones sold in the US should be manufactured domestically rather than in India or elsewhere, Subrahmanyam responded with confidence. He acknowledged the uncertainty surrounding potential tariffs but stated that, given the prevailing dynamics, India remains a cost-effective and attractive hub for manufacturing.
In a forward-looking disclosure, he also revealed that a second phase of asset monetisation is already in motion and will be officially rolled out in August.
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