India has now reached the four trillion USD economy, as per the data released by the International Monetary Fund (IMF). This makes India’s economy bigger than that of Japan, and only the US, China and Germany are ahead of us.
While making the announcement, NITI Aayog CEO BVR Subrahmanyam assured that the country will become the third largest economy in another couple of years, and that news has spread happiness across the country.
India's Gross Domestic Product (GDP) is estimated to reach about 4.187 trillion USD in the current financial year. This is more than the potential GDP of Japan. India's economy is expected to grow by 6.2% in 2025 and 6.3% in 2026.
In terms of per capita income, it would be appropriate to compare the performance of the Modi-led National Democratic Alliance (NDA) government with the performance of the Congress-led United Progressive Alliance (UDA) government led by Manmohan Singh. Under Manmohan Singh, per capita income doubled in 10 years. But under Modi, per capita income has doubled in 11 years. Despite the minor differences, the economy has performed well under the leadership of both the Prime Ministers. But there is a need to improve it.
India has now achieved its distant yet bold dream of becoming the fourth largest economy in the world, surpassing Japan. This is no ordinary thing, and it is a great victory for the talent and hard work of Indians. It has given the citizens the hope that we will soon surpass Germany and get hold of the third position.
Narendra Modi first assumed charge as the Prime Minister of the country on May 26, 2014. Since then, he has been holding the post without any interference. This week marks the completion of 11 years of Modi rule in India.
Hence, double congratulations to PM Modi.