Overview

• IMF data shows India’s nominal GDP rose to $4.187 trillion in fiscal 2026, narrowly overtaking Japan’s $4.186 trillion.
• NITI Aayog projects India will become the world’s third-largest economy in the next two to three years.
• Unified Payments Interface and Aadhaar coverage enabled record daily transactions and cut subsidy leakages.
• India’s GDP per capita remains about $2,878 compared with Japan’s $33,956, underscoring a wide income disparity.
• Manufacturing’s share of GDP is only half of China’s, and experts say expanding the sector and improving workforce skills are vital for inclusive growth.