By focusing on GDP, India misses the point

With a GDP of more than $4 trillion, India has overtaken Japan as the world's fourth-largest economy, Indian policy think tank NITI Aayog has claimed, citing International Monetary Fund data. It added that if India continues to tread the current development path, it is likely to become the world's third-largest economy in the next two to three years.

But as some US media outlets said, despite India's nominal GDP inching closer to Japan's in 2024, the country is still slightly behind the East Asian country's economy, according to current IMF estimates, with the leapfrogging expected to happen later this year.

Some Indian media outlets, too, pointed out that according to the IMF's World Economic Outlook report, issued in April, India's GDP is expected to reach $3.91 trillion in fiscal year 2025, while Japan's GDP for the 2024 calendar year is likely to be $4.03 trillion. Hence, India is yet to become the world's fourth-largest economy.