India is expected to surpass Japan as the fourth-largest economy in the world by the third quarter of fiscal year 2024–2025, according to IMF data.
Over the past ten years, the GDP of the nation has more than doubled, forecast to reach $4.3 trillion by 2025 from $2.1 trillion in 2015.
IMF data indicates that India, the fifth-largest economy in the world, is poised to surpass Japan, which has a $4.4 trillion GDP. Over the past ten years, India's economy has expanded by 105%, but Japan's GDP has stayed unchanged.
India may overtake Germany, the third-largest economy in the world with a GDP of $4.9 trillion, by the second quarter of 2027 if it keeps up its current rate of growth.
India's growth outpaces major global economies
India's GDP growth rate has surpassed that of several other significant international economies during the past ten years. The nation's economy has grown faster than that of the US, China, and the top European countries. China's GDP grew by 76% during that time, the US by 66%, Germany by 44%, France by 38%, and the UK by 28%.
Piyush Goyal, the minister of commerce and industry, called India's growth "outstanding." In terms of economic growth, he said, India has surpassed all countries in the G7, G20, and BRICS.
India's Economic Milestones
Over time, India has steadily risen in the world economic rankings.
In 2007, the nation's first $1 trillion GDP was reached after 60 years. In 2014, seven years later, it exceeded $2 trillion. India's economy expanded to $3 trillion in 2021 and is predicted to reach $4.3 trillion in four years, despite the COVID-19 pandemic.
According to experts, India's GDP could grow by $1 trillion every 1.5 years if current trends continue. If this trend continues, the country's economy could reach $10 trillion by the end of 2032.
While India is rapidly growing, the world's two largest economies remain far ahead. The United States remains the world's largest economy, with a GDP of $30.3 trillion, followed by China at $19.5 trillion.
