Government officials have also expressed hope that India will surpass Germany to become the third largest economy within the next three years.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
Government figures show that India's gross domestic product has reached $4.18 trillion.
With this, India has surpassed Japan to become the world's fourth-largest economy, according to this year's economic review.
Government officials have also expressed hope that India will surpass Germany to become the third-largest economy within the next three years.
However, the official status of all countries will be revealed only after the global annual gross domestic product (GDP) data is released in 2026.
The International Monetary Fund (IMF) has projected that India's economy will surpass Japan's next year.
India's GDP is expected to reach $7.3 trillion by 2030. New Delhi has maintained its growth momentum despite Washington imposing tariffs on India's Russian oil purchases last August.
The government has interpreted this as a sign of "resilience amid global trade uncertainty". But other economic indicators have also shown challenges. In terms of population, India is expected to surpass China in 2023 to become the most populous country.
According to World Bank data, India's per capita GDP in 2024 was only $2,694. This is much lower than Japan's $32,487 and Germany's $56,103.
According to government data, about a quarter of India's 1.4 billion population is in the 10-26 age group. That is why the government faces the challenge of making the youth productive and creating quality jobs for inclusive and sustainable development.
Prime Minister Narendra Modi has announced a massive cut in consumption tax and labor law reforms this year. This step is being taken to support economic growth.
