NITI Aayog CEO makes BIG statement, says India overtakes Japan to become fourth largest economy, will be third largest in...

India has become the fourth largest economy in the world, overtaking Japan, NITI Aayog chief executive officer (CEO) BVR Subrahmanyam said on Saturday. Briefing reporters after the 10th Governing Council meeting of Niti Aayog, Mr Subrahmanyam said the overall geopolitical and economic environment is favourable for India. "We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak," he told reporters.

Historic milestone in 3 years
Citing IMF data, Mr Subrahmanyam said Indian 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 stated.

Other announcements
Responding to a question on US President Donald Trump's recent statement that he expects Apple iPhones that will be sold in the US to be manufactured in America and not India, or anyplace else, Mr Subrahmanyam said, "What the tariff will be, is uncertain. Given the dynamics, we will be cheap place to manufacture."
He also said that a second round of asset monetisation pipeline is being prepared and it will be announced in August. 

PM chaired NITI Aayog meet
On Saturday, Prime Minister Narendra Modi chaired the 10th Governing Council meeting of NITI Aayog in New Delhi. In the key meet, PM Modi said, "We have to increase the speed of development. If the Centre and all the States come together and work together like Team India, no goal is impossible."

(With inputs from news agency PTI).