India’s Economic Triumph: Overtakes Japan For Global 4th Spot | NITI Aayog Confirms India’s Surge

India’s Economic Triumph: Overtakes Japan For Global 4th Spot | NITI Aayog Confirms India’s Surge

shift our attention to another news that’s likely to come up in the meeting. India has officially surpassed Japan to become the world’s fourth largest economy. In a major economic milestone, Niti Aayog CEO has confirmed that India’s nominal GDP has touched 4.187 trillion, edging past Japan’s $4.186 trillion. So according to the latest IMF data, the announcement came at the 10th governing council meeting of the NITI Aayog chaired by the Prime Minister and according to the IMF data, India has officially surpassed Japan to become the fourth largest economy in the world. The the the reason for the PM giving this call last time is that India is at a turning point. It’s at a takeoff stage and this is at the cusp of a change in our growth trajectory and given that we have solved a lot of issues regarding basic services access to basic services and and having reduced extreme poverty to less than 5% almost 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. So this was the context given this as well as the demographic dividend that India is actually blessed with for the next 20 25 years that we can grow rapidly. 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 larger. 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 in this the reason for the prime minister giving this call is this is a long haul and we have to do it for about uh 25 years. States are fundamental. Be it industrial development, be it services, be it agriculture, be it with human capital, everything has to be done in states. And if you do not have visions for states individually, you know, it’s like actually having a bulockart with only one, you know, bull, not two, it will not run. So if if the vehicle So officially the fourth largest economy in the world, that’s something to be proud about. Praa a historic milestone in the economic pathway of the country and this is also a big thumbs up for the policies of the Modi government. Absolutely. And uh you know I would say that this is the IMF data that we are seeing and this is also a validation from the world as well. And we uh as we have been always saying that the Indian economy has been surging ahead and in fact uh uh this is the uh this is also I would say that we are taking on uh taking over Japan’s economy and we have become the world’s fourth largest uh uh economy in the world and in fact this is also a validation that how uh must how uh Indian economy is growing uh steadily in fact I would say and in fact the finance minister has always been saying that the growth is on the expected line. In fact, if even if we go by the conservative figure, then it will become it will be around 6.1 6.2 to 6.3. However, there are other international forums who had said that India will grow at 7%. This at a time when uh economies around the globe are facing many challenges. In fact, India has emerged that bright spot in the world economy where it says that there is a hope. If you are if you follow the policies that are also not just centering of yourself but also around the world it means that you are looking at the uh at the factors that is important for to ensure that there is consumption there is higher consumption on the side and also you have also tamed the inflation irrespective of whatever is happening in the economy around the globe. But the fact is that prime minister has spoken about India being the third largest economy. It seems that we are inching towards this goal inching towards five becoming a five trillion economy which is a huge feat given the fact that we were in the lowest five from the lowest five to the top four. It’s a huge achievement of Modi government and this is also uh you know it’s a thumbs up for the Modi economics as well as many of the economists have said in past briefings as well. So it looks like that the growth in India is going to grow at a very steady play pace and it seems like the things are uh uh you know are there is a hope for Indian economy and they the the Indian economy is right at at the right path and the economies and the policies we are following in the economy looks like that we are perfectly balanced in in our policies. We are looking at inflation. We are looking our fiscal deficit. In fact, fiscal deficit have come drastically uh at a lower level from 9% uh in 2014 to 4.7%. Uh so there is a lot of fiscal improvement in fiscal deficit as well. we have surplus for any schemes that we need and given the factor that there is some kind of tension within the you know across the uh globe across the border as well with Pakistan we are saying right now that we are better placed than any other country in the world as far as uh the fund and budget is concerned so all of that keeping into perspective it seems like the Indian economy is doing very well right now okay all right Praa stay with us In fact, India now stands behind only the United States, China and Germany in terms of economic size. Niti Aayuk says that if the current policies continue, then India is set to become the third largest economy within just the next 3 years. So what were the big drivers? Robust domestic demand, strong infrastructural push, digital transformation that we’ve seen in the country and also the private sector growth. India’s economic rise in fact comes amid Japan’s sluggish growth and currency weakness and reaffirms New Delhi’s strategic importance in the global economic order as well. In fact, Shinjjo Chri is also on the broadcast with us and Shinjjo making in India, digital India. These are some of the schemes that had been introduced by the government and has seen a great success has been a driving engine for economic growth in the country. And India’s economic might is also going to impact its relationship with the other countries in the world, isn’t it? Yes, a lot has been done but quite a lot remains to be done but as you rightly said that when you become the world’s fourth largest economy then it gives you status and with that when I say status it means that economic power uh can also have other benefits strategic benefits military benefits other benefits as well in in the world it gives you the strength to do a lot of other things and that’s something which is very important the world will look at India very differently uh from the time it was considered a basket case an international basket case and when we had to import food uh India lived from a ship to mouth from then to today when it’s the fourth largest economy is a huge shift is a huge change and the fact that India is moving towards a $5 trillion economy is a major point. The last uh India when it became independent in 1947 was a really in the doldrums and for the next 20 years India was in very bad shape economically. The last near famine was in 1967 and from then to today is a huge shift and these last 10 12 years have been particularly positive. But it must be said that at least in some states the per capita income has to improve and that will give India a further boost. The improvement of per capita income at least in some states in northern India has to go up in the next few years. But as I said it gives enormous status to India because it gives a strategic shape to the country. Yes, it gives a military increase in military might. The stronger you are economically, the more weapons you can buy. Yes. and you can deal with uh countries like Pakistan in a certain way. These things are a major major benefit and the world will look at India very differently from now on. That’s true. And uh you know the current growth trajectory of India is sustainable. There may be some challenges but India will tide over it and will become the third largest economy in the world very soon. That’s the hope and that is where India is headed towards.

Breaking: India has officially surpassed Japan to become the world’s 4th largest economy; NITI Aayog confirms India’s surge.
The top 5 economies in the world are:
– USA
– China
– Germany
– India
– Japan

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