India Overtakes Japan To Become World’s 4th Largest Economy, NITI Aayog Confirms Economic Surge

India Overtakes Japan To Become World’s 4th Largest Economy, NITI Aayog Confirms Economic Surge

story that has caught the attention of the entire world and has people in the country celebrating India’s growth story has reached a new landmark something that no one could have imagined over a decade ago. Bharat has surpassed Japan to become the fourth largest economy in the world. The indication of faith the country and the world has put in Prime Minister Modi’s economic policies over the past 11 years. The country’s GDP has shot up to $4.187 trillion, taking us into the top four global economies. There are only three nations standing ahead of India. Topping the list is the United States, followed by China. At the third place is Germany, but the pace with which the Indian economy is growing, we can surpass them in the next two and a half to three years. I think the country is at a takeoff stage where it can grow very very rapidly as has been done by many countries in the past. The prime minister gave a call that all states to prepare uh a vision documents at their uh level and this is already visible in the growth of India. We are the fourth largest economy as I speak. We are a 4 trillion dollar economy as I speak and this is not my data. This is IMF data. India today is larger than Japan. So it’s only the United States, China and Germany which are lasted. And if we stick to you know what is being planned, what is being thought through it’s a matter of another two two and a half to three years we would become the third largest economy. And the good thing is as we come here uh almost 17 states have prepared and released or are on the verge of releasing their visions. In fact viewers India’s rise to the top four has not happened overnight. It is due to a sustained effort over the past 11 years under the leadership of the prime minister. It started with baby steps but once India started to climb up the ladder there was no stopping us. Let’s take you through how Bhat moved up the global economy rankings in the past decade. Uh let’s talk about how things have changed from 2014 up until now. Uh look at the numbers uh on your screens. the rankings as per the IMF back in 2014 the $2 trillion uh dollar economy that India had back then and look at the consistent rise that India has had jumping up ranks and also the economy increasing one step at a time it increased to $2.1 trillion that was in 2015 it then had another step to $2.3 trillion in 2016 and uh by 2021 it had climbed up to 2.9 trillion ion dollar which means that India was at the fifth spot and we have now hit a new milestone which is being the fourth largest economy in the world with our economy touching $4.2 trillion. This means that the dream that we have all had of reaching the 5 trillion mark is not far away. We could be achieving that in just the next 2 to 3 years. Now what we’ve just showed you is how India ranked over the past 11 years. But let’s also take you through the key schemes and initiatives that have actually powered the Indian economy. Every year the Modi government has resolved to bring one big initiative that serves as the booster for the economy. So let’s tell you what has uh driven this economy. What is the story behind the success in the numbers that we have now? Let’s talk about 2014 when the make in India was launched and we know how it has consistently increased in every sector over the last 11 years. In 2015, digital India mission had begun as well and making India and digital India are one of the powerhouses that have ensured that the Indian economy is on track and running towards the 5 trillion mark. The startup India had been launched in 2016. Again it is a story that brings in a lot of revenue in the country. The startup story of India has garnered eyeballs across the world. The GST reforms had been brought in in 2017 after several years. Several attempts had been made by the previous governments as well. In 2017 there was a watershed moment when the GST reform was introduced in the country and by 2018 the Aayushman Bharat Yojna also started ensuring help for people across the country. In 2019, another scheme, the PM Kisan Yojna had also been launched. And in 2020, of course, the Atmahar Bharat Abhyan being launched by the government. Again, it is one scheme that transcends multiple sectors uh across the country and even in defense now where we are seeing the success of Atman Bharat. In 2021, uh we hit the milestone of three billion mark as well with the GDP crossing the $3 billion mark. And in 2022, the digital rupee had been launched as well. Remember the digitization of the economy has also played a very crucial role in the success story of India’s economy and in 2022 the digital rupee had been launched and in 2023 10 lakh crores being allocated for capex. So we’ve seen the success story one step at a time to reach the milestone that we have today. In fact, India’s growth story over the past decade has sent out a very strong message that policies are of no use unless there is a strong intent to implement it and that’s what India has achieved under the prime minister and the government. In fact, when compared to the global nations, India’s growth has been astronomical. Let’s take a look at what it has been like in just the past 10 years. The rate at which India’s GDP has grown cannot be matched by any other nation. Look at the numbers on your screens and they show you the success story of India in comparison to the other countries as well. What is the growth that India has seen in the last 10 years is a massive jump and remember this comes even with a lot of challenges including COVID and the slow economic recovery after COVID 19 had hit across the globe. India has seen a whopping 103% growth in the GDP. compared that to other economies including the largest economy the United States which has seen 65.8% change in the last 10 years. Uh China has also seen a significant uh rise but it is not close to what India has seen. China at 75.8%. Germany uh has also seen 43.7% growth in its GDP bringing it to the third spot currently. Japan though has seen a reduction in its GDP with a minus 1.3% growth that it has seen or slump that it has seen in its GDP. And this of course is the answer to why India is on track to be a 5 trillion economy soon. With that, it’s time for us to slip into a very quick break here. Don’t go anywhere. We’ll be right back with lots more on the other side. [Music]

India has officially overtaken Japan to become the fourth-largest economy globally, as confirmed by NITI Aayog, marking a major milestone in the nation’s economic growth.
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Chapters:
0:00 India Surpasses Japan: Fourth Largest Economy in the World
1:38 India’s Economic Growth Journey: From 2014 to Present
3:01 Key Initiatives Driving India’s Economic Success
5:17 India’s GDP Growth Compared to Global Economies