India Economy: NITI Aayog CEO BVR Subrahmanyam Reveals Beating Japan With $4T Milestone, Eyes 3rd Largest Spot By 2028

India has officially overtaken Japan to become the world’s fourth-largest economy, NITI Aayog CEO BVR Subrahmanyam announced Saturday. Speaking after the 10th Governing Council meeting, he revealed India’s economy has crossed the $4 trillion mark, citing data from the International Monetary Fund (IMF).

India Beats Japan As World’s 4th-Largest Economy

BVR Subrahmanyam said, “India is the fourth largest economy as I speak” He added that only the United States, China, and Germany now have bigger economies than India.

Additionally, Subrahmanyam said India is on track to become the third-largest economy within two and a half to three years if current growth plans hold. That would mean surpassing Germany, the current third-largest.

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#WATCH | Delhi: After 10th NITI Aayog Governing Council Meeting, BVR Subrahmanyam, CEO of NITI Aayog, says, "...We are the 4th largest economy as I speak. We are a $4 trillion economy as I speak, and this is not my data. This is IMF data. India today is larger than Japan. It's… https://t.co/mnSaO6275T pic.twitter.com/oak0V1q8LH

— ANI (@ANI) May 25, 2025

The announcement comes at a critical moment as India pushes to boost its global economic standing. Subrahmanyam also responded to US President Donald Trump’s recent call for Apple to manufacture iPhones in the US instead of India. He said it’s unclear how tariffs may shift, but stressed that India remains a cost-effective place to make goods.

Domestically, Subrahmanyam said the government is preparing a fresh round of asset monetisation. This plan raises funds by leasing public assets to private firms and is expected to launch in August.

PM Modi Urges To Reunite For ‘Viksit Bharat’

Prime Minister Narendra Modi chaired the 10th NITI Aayog Governing Council meeting at Bharat Mandapam in New Delhi. The event brought together chief ministers and lieutenant governors from 24 states and seven union territories.

Modi urged states to unite and work together to build a “Viksit Bharat” - a developed India by 2047. He said this is not a political agenda but the dream of all 140 crore Indians.

PM added, “Every Indian aspires for the country to be a Viksit Bharat. It is not the agenda of any party but the aspiration of 140 crore Indians.” He called on every state to focus on developing cities, villages, and regions to reach this goal much earlier than 2047.