India set to surpass Japan as world’s fourth-largest economy by late 2024: IMF

The country’s Gross Domestic Product (GDP) has more than doubled over the past decade, rising from $2.1 trillion in 2015 to an estimated $4.3 trillion in 2025.

IMF data shows that India, currently the world’s fifth-largest economy, is closing in on Japan, whose GDP stands at $4.4 trillion.

While India’s economy has expanded by 105% in the last ten years, Japan’s has remained stagnant.

If India sustains its current growth trajectory, it could surpass Germany, the third-largest economy with a GDP of $4.9 trillion, by the second quarter of 2027.

Over the past decade, India has outpaced several major global economies in GDP growth.

While China’s economy grew by 76%, the US by 66%, Germany by 44%, France by 38%, and the UK by 28%, India’s expansion rate has been the highest among them.

Commerce and Industry Minister Piyush Goyal described the country’s economic performance as “outstanding,” noting that it has outperformed all nations in the G7, G20, and BRICS.

India’s rise in global economic rankings has been steady. It took six decades for the country to reach its first $1 trillion in GDP in 2007.

Seven years later, in 2014, it crossed the $2 trillion mark.

Despite the COVID-19 pandemic, the economy expanded to $3 trillion in 2021, and within just four years, it is set to reach $4.3 trillion.

Experts estimate that at the current pace, India could add $1 trillion to its GDP every 1.5 years, positioning it as a $10 trillion economy by the end of 2032.

While India is advancing rapidly, the gap with the world’s top two economies remains significant.

The United States leads with a GDP of $30.3 trillion, followed by China at $19.5 trillion.