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India’s Gross Domestic Product (GDP) has witnessed a remarkable 105% increase over the past decade, doubling from $2.1 trillion in 2015 to $4.3 trillion in 2025. This rapid expansion has solidified India’s position as the world’s fifth-largest economy, trailing only the United States, China, Germany, and Japan.
According to the International Monetary Fund (IMF), India is on track to surpass Japan by the third quarter of FY25 and could emerge as the third-largest global economy—behind only the U.S. and China—by 2027.
Outpacing Major Global Economies
India’s economic momentum has outstripped that of several major economies. While India recorded a 105% GDP growth in the last decade, the U.S. and China experienced increases of 66% and 44%, respectively. Developed nations such as Germany, France, and the United Kingdom posted significantly lower growth rates.
With Japan’s GDP stagnating at $4.4 trillion over the past decade, India is projected to overtake it within the next year. Germany, currently at $4.9 trillion, is expected to be surpassed by 2027, making India the third-largest economy globally.
Milestones in India’s Economic Journey
India’s ascent in the global economic hierarchy has been marked by key milestones:
- 2007: India reached the $1 trillion GDP mark after 60 years of independence.
- 2014: GDP doubled to $2 trillion.
- 2021: Despite the COVID-19 slowdown, India crossed the $3 trillion threshold.
- 2025: India’s GDP reaches $4.3 trillion, taking just four years to add $1 trillion.
At this pace, India could continue adding $1 trillion to its economy every 1.5 years, potentially becoming a $10 trillion economy by 2032.
India’s Debt in Global Context
As of March 2025, the U.S. national debt stood at $36.22 trillion, while China’s debt, recorded in September 2024, was $2.52 trillion. In contrast, India’s overall debt, as of September 2024, was considerably lower at $712 billion. India’s general government gross debt currently stands at 82.6% of GDP, according to IMF data.
Commerce and Industry Minister Piyush Goyal earlier hailed India’s economic performance over the past decade as “outstanding.” Highlighting the country’s rapid expansion, he stated, “The global shift is real! PM Narendra Modi-ji has led India to double its GDP in the last decade, positioning it to become the third-largest economy globally soon.”
India has outpaced all nations in the G7, G20, and BRICS, surpassing their economic growth rates.
Rising Prosperity and Per Capita Income
India’s per capita GDP, which reflects the average income per citizen based on the total economic output, is estimated at $11,940 (or 11.94 thousand international dollars in purchasing power parity). This signifies an improvement in individual prosperity and living standards over the years.
The United States remains the world’s largest economy, with a GDP of $30.3 trillion, followed by China at $19.5 trillion. However, with India’s rapid economic expansion, the country is expected to narrow the gap with these global leaders within the next decade.
Also Read: Fed Cuts 2025 GDP Growth Forecast to 1.7%, Raises Unemployment Projection to 4.4%
