JNS: India is set to become a $4 trillion economy in the fiscal year 2024-25, surpassing Japan by early next fiscal year to become the world’s fourth-largest economy, according to Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister (EAC-PM).
Sanyal highlighted that achieving a 7% economic growth rate would be considered very good for India, considering various constraints, including weak exports. He made these remarks at an event where he stated, “So, this financial year, we will become a $4 trillion economy.”
Finance Minister Nirmala Sitharaman recently stated that India is expected to overtake Japan and Germany to become the world’s third-largest economy by 2027. Currently, India is the fifth-largest economy in US dollar terms, with a size of about $3.7 trillion in nominal terms.
Sanyal noted that Japan is currently slightly ahead at $4.1 trillion, but India is expected to surpass Japan very early next year or possibly even by the end of this year to become the world’s fourth-largest economy. Germany, with a $4.6 trillion economy, is not growing, making it a static target for comparison.
