Latest news with #Virmani
NDTV
27-05-2025
- Business
- NDTV
"If India Maintains 6 Per Cent Growth...": NITI Aayog Member Predicts Outcome
New Delhi: India is all set to become the third largest economy in the world by 2027-28, Dr Arvind Virmani, member of government think tank NITI Aayog has told NDTV in an exclusive interview. "My assessment is that India will become the third-largest economy in the world by the end of 2027 or by 2028," he said. India's economy will even surpass Germany - currently the third largest -- in size. If the Indian economy continues to grow at a rate of 6 per cent to 6.5 per cent annually for the next 25 years, then by 2050, India could reach the level of China's economy, he said. On a related note, he said the proposed Bilateral Trade Agreement between India and the United States is extremely crucial for India's economic expansion. India, he said, is expected to reach the spot of the fourth largest economy by the end of this financial year - the spot now occupied by Japan. Underscoring the roadmap for the next few years, Dr Virmani also said ending the uncertainty over tariffs is essential, as it is negatively impacting international trade and commerce. Over the next few years special attention is also needed to "diversify sources of manufacturing" -- which could even be the most important step. NITI Aayog had announced last week that the country has reached the fourth largest economy slot. Citing IMF data, NITI Aayog CEO BVR Subrahmanyam said on Saturday, "We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak". "It is only the US, China and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third largest economy," Mr Subrahmanyam had said. Dr Virmany, however, said today that the data confirming this would come next year.
India Today
26-05-2025
- Business
- India Today
India to become 4th largest economy by end of 2025: NITI Aayog member
NITI Aayog member Arvind Virmani on Monday said India is set to become the fourth-largest economy in the world by the end of 2025, an assertion which came days after NITI CEO BVR Subrahmanyam claimed India has already overtaken Japan to reach that International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released in April, had said that India is expected to be the fourth-largest economy in the world with a GDP of USD 4.19 trillion in 2025, ahead of is in the process of becoming the fourth-largest economy, and I am personally confident that will happen by the end of 2025 because we need (data) of all 12 months GDP to say that, you know, to assert that. So to say till then, it remains a forecast," Virmani told PTI. Asked to comment on NITI Aayog CEO BVR Subrahmanyam's remark that India has become the fourth-largest economy in the world, the eminent economist said: "So this is a complicated question, and I really do not know what the words anybody has used. Perhaps there was some word which was missed or something".Citing IMF data, Subrahmanyam, last week, said that the size of the Indian economy today is larger than Japan's."We are the fourth-largest economy as I speak. We are a USD 4 trillion economy as I speak," the NITI Aayog CEO had is only the US, China and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third-largest economy," Subrahmanyam had further, Virmani said, "When we discuss the size of economies publicly, we generally use US dollar current prices".Virmani further pointed out that 'when we compare economy, we generally do it in terms of annual GDP'.Virmani said IMF in its WEO report released in April gave a precise number, which showed that India's GDP for the full year 2025, would become higher than that of Japan." I would say that I am pretty confident that that will happen, but the exact data will probably not be available till January or February, because we are talking about the whole year," he nominal GDP for 2025 (FY26) is expected to be USD 4.187 trillion marginally more than the likely GDP of Japan which is estimated at USD 4.186 trillion, the IMF had to IMF data, India's per capita income has doubled from USD 1,438 in 2013-14 to USD 2,880 in IMF in its WEO report also said the Indian economy is projected to grow at 6.2 per cent in 2025-26, slower than earlier estimated rate of 6.5 per cent, due to escalated trade tensions and global India, the growth outlook is relatively more stable at 6.2 per cent in 2025, supported by private consumption, particularly in rural areas," the IMF had to the report, the global growth is projected at 2.8 per cent in 2025, lower by 0.5 percentage points estimated earlier. In 2026, the global economy is estimated to grow at 3 per Watch
India Gazette
26-05-2025
- Business
- India Gazette
India to become fourth-largest economy by 2025-26: NITI Aayog's Arvind Virmani
New Delhi [India], May 26 (ANI): NITI Aayog member Arvind Virmani on Monday expressed confidence that India will be the fourth-largest economy in the world by 2025-26, surpassing Japan, as forecasted by the International Monetary Fund (IMF). 'Data will come in April (2026). Sometimes it comes a little earlier in February or March. But, we can only expect the international confirmation (in 2026),' Virmani told ANI. 'I am fairly confident that in 2025-26, our forecast will come right -- my forecast and the IMF forecast (that India will become the fourth largest economy),' he added. According to the IMF's April edition of the World Economic Outlook, India's nominal GDP for fiscal year 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. In September 2022, India had surpassed the UK to become the fifth-largest economy in the world. India continues to be among the fastest-growing major economies and is expected to maintain this momentum over the coming years, according to multiple global agencies. Even as India is projected to overtake Japan in terms of the size of the economy, the per capita income in India still remains very low. Overall, 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 to become the fourth largest economy soon. 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. (ANI)
Hindustan Times
26-05-2025
- Business
- Hindustan Times
India to become 4th largest economy by end of 2025: NITI Member Arvind Virmani
NITI Aayog member Arvind Virmani on Monday said India is set to become the fourth largest economy in the world by the end of 2025, an assertion which came days after NITI CEO BVR Subrahmanyam claimed India has already overtaken Japan to reach that spot. The International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released in April had said that India is expected to be the fourth largest economy in the world with a GDP of USD 4.19 trillion in 2025, ahead of Japan. "India is in the process of becoming the fourth largest economy, and I am personally confident that will happen by the end of 2025 because we need (data) of all 12 months GDP to say that, you know, to assert that. So to say till then, it remains a forecast," Virmani told PTI. Asked to comment on NITI Aayog CEO BVR Subrahmanyam's remark that India has become the fourth largest economy in the world, the eminent economist said: "So this is a complicated question, and I really do not know what the words anybody has used. Perhaps there was some word which was missed or something." Citing IMF data, Subrahmanyam, last week, said that the size of the Indian economy today is larger than Japan's. "We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak," the NITI Aayog CEO had said. It is only the US, China and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third largest economy," Subrahmanyam had said. Explaining further, Virmani said, "When we discuss the size of economies publicly, we generally use US dollar current prices." Virmani further pointed out that 'when we compare economy, we generally do it in terms of annual GDP'. Virmani said IMF in its WEO report released in April gave a precise number, which showed that India's GDP for the full year 2025, would become higher than that of Japan. " I would say that I am pretty confident that that will happen, but the exact data will probably not be available till January or February, because we are talking about the whole year," he observed. India's nominal GDP for 2025 (FY26) is expected to be USD 4.187 trillion marginally more than the likely GDP of Japan which is estimated at USD 4.186 trillion, the IMF had said. According to IMF data, India's per capita income has doubled from USD 1,438 in 2013-14 to USD 2,880 in 2025. The IMF in its WEO report also said the Indian economy is projected to grow at 6.2 per cent in 2025-26, slower than earlier estimated rate of 6.5 per cent, due to escalated trade tensions and global uncertainty. "For India, the growth outlook is relatively more stable at 6.2 per cent in 2025, supported by private consumption, particularly in rural areas," the IMF had said. According to the report, the global growth is projected at 2.8 per cent in 2025, lower by 0.5 percentage points estimated earlier. In 2026, the global economy is estimated to grow at 3 per cent.
NDTV
26-05-2025
- Business
- NDTV
India To Become 4th Largest Economy By End Of 2025: NITI Aayog Member
New Delhi: NITI Aayog member Arvind Virmani on Monday said India is set to become the fourth-largest economy in the world by the end of 2025, an assertion which came days after NITI CEO BVR Subrahmanyam claimed India has already overtaken Japan to reach that spot. The International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released in April, had said that India is expected to be the fourth-largest economy in the world with a GDP of $4.19 trillion in 2025, ahead of Japan. "India is in the process of becoming the fourth largest economy, and I am personally confident that will happen by the end of 2025 because we need data for all 12 months of GDP to say that, you know, to assert that. So to say till then, it remains a forecast," Virmani told PTI. Asked to comment on NITI Aayog CEO BVR Subrahmanyam's remark that India has become the fourth largest economy in the world, the eminent economist said: "So this is a complicated question, and I really do not know what the words anybody has used. Perhaps there was some word which was missed or something." Citing IMF data, Subrahmanyam, last week, said that the size of the Indian economy today is larger than Japan's. "We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak," the NITI Aayog CEO had said. It is only the US, China and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third largest economy," Mr Subrahmanyam had said. Explaining further, Mr Virmani said, "When we discuss the size of economies publicly, we generally use US dollar current prices." Virmani further pointed out that 'when we compare economies, we generally do it in terms of annual GDP'. Mr Virmani said the IMF in its WEO report released in April gave a precise number, which showed that India's GDP for the full year 2025 would become higher than that of Japan. "I would say that I am pretty confident that that will happen, but the exact data will probably not be available till January or February, because we are talking about the whole year," he observed. India's nominal GDP for 2025 (FY26) is expected to be $4.187 trillion, marginally more than the likely GDP of Japan, which is estimated at $4.186 trillion, the IMF had said. According to IMF data, India's per capita income has doubled from $1,438 in 2013-14 to $2,880 in 2025. The IMF in its WEO report also said the Indian economy is projected to grow at 6.2 per cent in 2025-26, slower than the earlier estimated rate of 6.5 per cent, due to escalated trade tensions and global uncertainty. "For India, the growth outlook is relatively more stable at 6.2 per cent in 2025, supported by private consumption, particularly in rural areas," the IMF had said. According to the report, the global growth is projected at 2.8 per cent in 2025, lower by 0.5 percentage points than estimated earlier. In 2026, the global economy is estimated to grow at 3 per cent.
