India overtakes Japan to become the world's fourth largest economy, says NITI Aayog CEO

India has officially surpassed Japan to become the fourth largest economy in the world, according to NITI Aayog CEO B V R Subrahmanyam . Speaking at a press briefing following the 10th Governing Council meeting of NITI Aayog on Saturday, Subrahmanyam highlighted the favourable geopolitical and economic conditions for India.

"We are the fourth largest economy as I speak. We are a $4 trillion economy as I speak," Subrahmanyam said, as quoted PTI.

Subrahmanyam cited IMF data, which confirms that India’s economy is now larger than Japan’s. "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," he added.

In response to a question about US President Donald Trump's recent comment that he expects Apple iPhones sold in the US to be manufactured in America and not in India or any other place, Subrahmanyam noted, "What the tariff will be, is uncertain. Given the dynamics, we will be a cheap place to manufacture."

Subrahmanyam also revealed that a second round of asset monetisation is in the works and will be announced in August.