NITI Aayog CEO BVR Subrahmanyam announced that India has surpassed Japan to become the world's fourth-largest economy, referencing data from the International Monetary Fund (IMF). This declaration was made at a press conference during the 10th NITI Aayog Governing Council Meeting, which centered on 'Viksit Rajya for Viksit Bharat 2047'. Subrahmanyam emphasized that India's economy has reached the $4 trillion mark, attributing this information to IMF data.

According to the IMF's projections, India's nominal GDP for fiscal 2026 is expected to be approximately $4,187.017 billion, slightly exceeding Japan's estimated GDP of $4,186.431 billion. Until 2024, India held the position of the fifth-largest economy globally.

The IMF's April 2025 World Economic Outlook report indicates that India is projected to maintain its status as the fastest-growing major economy over the next two years. The report forecasts growth rates of 6.2% in 2025 and 6.3% in 2026 for India, significantly outpacing global and regional peers. Global economic growth, in contrast, is projected to be 2.8% in 2025 and 3.0% in 2026.

Subrahmanyam further noted that India is at a crucial juncture, poised for rapid growth. During the Governing Council Meeting, discussions between the central government and state representatives focused on strategies for various sectors, including manufacturing services, rural non-farm activities, urban development, the informal economy, and the green economy, along with the circular economy.