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India Gazette
28-05-2025
- Business
- India Gazette
"On what basis are you claiming...": Sanjay Raut questions India becoming 4th largest economy
Mumbai (Maharashtra) [India], May 28 (ANI): Shiv Sena (UBT) MP Sanjay Raut on Wednesday questioned India's rise to becoming the world's fourth-largest economy, challenging the basis for celebration amid record-high unemployment and declining foreign investment. Speaking to the media, Raut pointedly remarked that in a nation where 85 crore people still rely on free food grains, such boasts ring hollow. 'In a country where even today, Prime Minister Modi has to provide free food grains to 85 crore poor people, where unemployment is at its highest, and foreign investment has stopped coming in, on what basis are you claiming that we have become the world's fourth-largest economy?' Sanjay Raut said. On Friday evening, addressing a press conference of the 10th NITI Aayog Governing Council Meeting on 'Viksit Rajya for Viksit Bharat 2047', NITI Aayog CEO, Subrahmanyam said that India has overtaken Japan to become the world's fourth-largest economy. Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark. 'We are the fourth-largest economy as I speak. We are a USD 4 trillion economy. This is not my data; this is the data from the IMF. India today is larger than Japan. It's only the United States, China, and Germany which are larger, and if we stick to what is being planned, what is being thought through, it's a matter of another two to three years; we would become the third largest economy,' said Subrahmanyam. Earlier on Tuesday, Prime Minister Narendra Modi said that the pressure has increased to go one notch higher in the ladder of top global economies, and it surpasses the excitement and happiness of India becoming the fourth largest economy. The Prime Minister highlighted that the goal is clear that by the year 2047, India must be a 'Viksit nation' with no compromise. Addressing a public rally in Gandhinagar, the Prime Minister recalled the excitement among youth of the country when India surpassed United Kingdom, who had ruled India for over 200 years, and became the fifth largest economy. (ANI)
Time of India
28-05-2025
- Business
- Time of India
"On what basis are you claiming...": Sanjay Raut questions India becoming 4th largest economy
Sanjay Raut questioned India's claim of becoming the fourth-largest economy, citing high unemployment and declining foreign investment. He argued that celebrating this achievement is difficult when a significant portion of the population relies on free food grains. NITI Aayog CEO Subrahmanyam, referencing IMF data, stated India has surpassed Japan, reaching a USD 4 trillion economy. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shiv Sena (UBT) MP Sanjay Raut on Wednesday questioned India's rise to becoming the world's fourth-largest economy, challenging the basis for celebration amid record-high unemployment and declining foreign to the media, Raut pointedly remarked that in a nation where 85 crore people still rely on free food grains, such boasts ring hollow."In a country where even today, Prime Minister Modi has to provide free food grains to 85 crore poor people, where unemployment is at its highest, and foreign investment has stopped coming in, on what basis are you claiming that we have become the world's fourth-largest economy?" Sanjay Raut Friday evening, addressing a press conference of the 10th NITI Aayog Governing Council Meeting on 'Viksit Rajya for Viksit Bharat 2047 ', NITI Aayog CEO, Subrahmanyam said that India has overtaken Japan to become the world's fourth-largest data from the International Monetary Fund , the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark."We are the fourth-largest economy as I speak. We are a USD 4 trillion economy. This is not my data; this is the data from the IMF. India today is larger than Japan. It's only the United States, China, and Germany which are larger, and if we stick to what is being planned, what is being thought through, it's a matter of another two to three years; we would become the third largest economy," said on Tuesday, Prime Minister Narendra Modi said that the pressure has increased to go one notch higher in the ladder of top global economies, and it surpasses the excitement and happiness of India becoming the fourth largest Prime Minister highlighted that the goal is clear that by the year 2047, India must be a "Viksit nation" with no a public rally in Gandhinagar, the Prime Minister recalled the excitement among youth of the country when India surpassed United Kingdom, who had ruled India for over 200 years, and became the fifth largest economy.
India Gazette
26-05-2025
- Business
- India Gazette
India's per capita income growth was higher under UPA govt: Chidambaram
New Delhi [India], May 26 (ANI): Senior Congress leader P Chidambaram on Monday said that while the rise in India's per capita income under the BJP-led NDA government is 'broadly correct,' the rate of growth was higher during the tenure of the Congress-led UPA government. Responding to recent remarks by the CEO of NITI Aayog, BVR Subrahmanyam, who stated that India's per capita income had nearly doubled from USD 1,438 in 2013-14 to USD 2,880 in 2024, Chidambaram said he welcomed the progress but added that the complete picture tells a different story when the performance of the two successive governments is compared. Quoting data from the International Monetary Fund (IMF), Chidambaram noted that India's per capita income stood at USD 543 in 2003, when the UPA took office, and rose to USD 1,438 by 2013 -- a 2.64 times increase in 10 years. Under the NDA government, however, the increase from USD 1,438 in 2014 to USD 2,878 in 2024 amounts to just 1.89 times, falling short of a doubling in the same time frame. 'Under the UPA government, the per capita income more than doubled in 10 years. Under the NDA government, it fell short of doubling. The per capita income doubled in 11 years. I am happy with the record of both governments, but a shade happier with the UPA record,' said the former Finance Minister. In a post on X, P Chidambaram said, 'The CEO of NITI Aayog told the media that India's per capita income had doubled from USD 1438 in 2013-14 to USD 2880 (in 2024 in 11 years). Broadly correct, and we are happy.' 'However, he should have given the full picture, according to the IMF, which is, 2003---USD 543, 2013---USD 1438, 2023---USD 2711, 2024---USD 2878. Under the UPA government, the per capita income more than doubled in 10 years---actually 2.64 times. Under the NDA government, the per capita income fell short of doubling in 10 years---actually 1.89 times. The per capita income doubled in 11 years. I am happy with the record of both governments, but a shade happier with the UPA record.' India has taken another stride, pipping Japan to become the fourth-largest economic powerhouse. In September 2022, India had surpassed the UK to become the fifth-largest economy. On Friday evening, addressing a press conference of the 10th NITI Aayog Governing Council Meeting on 'Viksit Rajya for Viksit Bharat 2047', NITI Aayog CEO, Subrahmanyam said that India has overtaken Japan to become the world's fourth-largest economy. Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark. 'We are the fourth-largest economy as I speak. We are a USD 4 trillion economy. This is not my data; this is the data from the IMF. India today is larger than Japan. It's only the United States, China, and Germany which are larger, and if we stick to what is being planned, what is being thought through, it's a matter of another two to three years; we would become the third largest economy,' said BVR Subrahmanyam. According to the IMF's April edition of the World Economic Outlook report, India's nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. India's economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers, the April 2025 edition of the IMF's World Economic Outlook added. In contrast, the IMF projects global economic growth to be much lower, at 2.8 per cent in 2025 and 3.0 per cent in 2026, highlighting India's exceptional outperformance. (ANI)
Hans India
26-05-2025
- Business
- Hans India
India becomes world's fourth largest economy
New Delhi: India has overtaken Japan to become the world's fourth-largest economy, NITI Aayog Chief Executive Officer (CEO) BVR Subrahmanyam said, citing data by the International Monetary Fund at a press conference of the 10th NITI Aayog Governing Council Meeting on Viksit Rajya for Viksit Bharat 2047. 'We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak, and this is not my data. This is IMF data. India today is larger than Japan," said BVR Subrahmanyam. He further stated that India may soon surpass Germany and become the third-largest economy in the world. "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 2, 2.5 to 3 years; we would become the third largest economy,' Subrahmanyam added. The April edition of the World Economic Outlook (WEO) report by the IMF mentioned that the nominal GDP for fiscal year 2026 is estimated to touch nearly $4,187.017 billion, slightly more than the GDP of Japan, projected at $4,186.431 billion. Till 2024, India was the fifth-largest economy across the globe. The IMF also expects that India will be the fastest-growing major economy in the next two years. The Indian economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, higher than global and regional counterparts, according to the World Economic Outlook report. Meanwhile, the IMF predicts global economic growth at 2.8 per cent in 2025 and 3.0 per cent in 2026, much lower than India's estimates.
India Gazette
25-05-2025
- Business
- India Gazette
India is now the fourth-largest economy, surpassing Japan
New Delhi [India], May 25 (ANI): In a matter of just less than three years, India has taken another stride, pipping Japan to become the fourth-largest economic powerhouse. In September 2022, India had surpassed the UK to become the fifth-largest economy. On Friday evening, addressing a press conference of the 10th NITI Aayog Governing Council Meeting on 'Viksit Rajya for Viksit Bharat 2047', NITI Aayog Chief Executive Officer (CEO) BVR Subrahmanyam said that India has overtaken Japan to become the world's fourth-largest economy. This is a proud moment for the country and India's position would strengthen further in the coming years, on the back of prospects of higher economic growth. Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark. 'We are the fourth largest economy as I speak. We are a USD 4 trillion economy, and this is not my data; this is IMF data. India today is larger than Japan. 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 2.0-2.5 to 3 years; we would become the third largest economy,' said BVR Subrahmanyam. According to the IMF's April edition of the World Economic Outlook report, India's nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. The international financial institution projects that India will remain the fastest-growing major economy over the next two years. India's economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers, the April 2025 edition of the IMF's World Economic Outlook had said. India is among the fastest-growing major economies and is projected to remain so over the next few years, as many global agencies have anticipated. Even as India has overtaken Japan in terms of the size of the economy, the per capita income in India remains very low. In contrast, the IMF projects global economic growth to be much lower, at 2.8 per cent in 2025 and 3.0 per cent in 2026, highlighting India's exceptional outperformance. The CEO of NITI Aayog further stated that India is at a turning point and at a take-off stage where it can 'grow very, very rapidly.' In 2013, India was placed in the league of 'Fragile 5' economies. The term 'Fragile 5' was coined by a Morgan Stanley analyst and refers to a set of five emerging countries, including India, whose economies were not doing well. The other four countries were Brazil, Indonesia, South Africa, and Turkey. Since then, India has made quite a turnaround, climbing the ladder of economic growth. This can be gauged from the fact that from 11th in 2013-14, India has now positioned itself as the fourth largest economy. To realise the vision of 'Viksit Bharat' or a developed nation dream by 2047, India will need to achieve a growth rate of around 8 per cent at constant prices, on average, for about a decade or two, the Economic Survey document for 2024-25 tabled on January 31 asserted. Talking to ANI, Chief Economist at Infomerics Ratings, Manoranjan Sharma said, '...We are the fourth largest economy in the world things proceed, we see a GDP growth of 6.2 per cent in 2025 and 6.3 per cent in 2026. With this kind of a growth, we expect to overtake Germany and become the third-largest economy in a span of 2-2.5 years...' The economist said demographic dividend, domestic economic reforms, and global cues have pushed the Indian economy. 'We expect India will consistently grow in a band of 6.5 per cent to 7.5 per cent, and with this kind of a growth rate, we expect a significant rise in per capita income, (besides) India's growing economic ascendency at the global level,' Economist Sharma added. Charan Singh, CEO and Founder Director of Egrow Foundation, said, 'It's a great success story that India has become the fourth-largest economy in the world. The Prime Minister should be congratulated because we have followed his strong policies. He has asked the states to come together in our journey to become developed by 2047. It's a challenge, and I think we should accept challenges. It's good news.' (ANI)
