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India Surpasses Japan to Become World’s Fourth-Largest Economy

Rapid highway expansion, digital public infrastructure, production-linked incentives have fueled growth despite persistent per capita income gaps.

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India topping Japan economy no reason to smug: WEF ex-MD
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Overview

  • India’s GDP reached US$4.187 trillion in FY 2024-25, overtaking Japan’s US$4.186 trillion to secure the fourth-largest global ranking, according to the IMF.
  • National highways grew from 91,287 km to 146,204 km since 2014 and nearly 400,000 km of rural roads were added, extending connectivity to 99 percent of villages.
  • Digital platforms such as UPI and Aadhaar now underpin real-time payments and direct benefit transfers, with daily UPI transactions exceeding 65 crore and broadening financial inclusion.
  • ‘Make in India’ and production-linked incentives have driven a near doubling of electronics exports and lifted defence shipments from ₹1,941 crore in 2014 to ₹23,662 crore in 2024.
  • Despite its climb in size, India’s per capita GDP of US$2,878 remains under 9 percent of Japan’s, highlighting the need to channel growth into higher living standards for all citizens.