India's progress overtaking Japan

Japan is one of the countries that suffered the damage of the atomic bomb in World War II and went into a deep depression. However, in the post-war economic growth, Japan was able to overcome all limitations and become one of the world's largest economies at a speed that surprised the world. Japan was able to rise above the scarcity of natural resources and the frequent occurrence of earthquakes through the ingenuity and willpower of its people, along with innovative inventions made by recognising the needs of the modern era, and through the production of consumer goods.

The name of the country Japan became a brand all over the world through the quality they achieved in manufacturing everything from small needles to huge industrial machines. Half a century ago, when Japan was making such economic leaps, India continued to be a poor country. No one even dreamed that India would one day surpass Japan in economic growth, but today it has become a reality. The central government has announced that India has surpassed Japan to become the world's fourth-largest economy. India's gross domestic product (GDP) is now $4.18 trillion. That is, about Rs 368 lakh crore. India is expected to surpass Germany in the next three years, NITI Aayog CEO BVR Subrahmanyam told the media in New Delhi.

IMF data shows that India is now a 'four trillion dollar' economy. Only the economies of the US, China and Germany are currently larger than India. The IMF has stated in its World Economic Outlook report that India will continue to be the fastest-growing major economy in the world and is the only country expected to grow by more than 6% in the next two years. A country's GDP increases when all sectors grow at the same rate. The Indian government, led by Prime Minister Narendra Modi, is currently going through such a period.

India's economic growth spurt was initiated by the economic liberalisation measures of the Narasimha Rao government in the 1990s. Only when the world buys Indian-made products with confidence can India catch up with the leading rich countries, the United States and China. India is not even halfway through such a journey. The GDP of the United States, the world's largest economy, is estimated to be $30.5 trillion in 2025; China's is around $19.2 trillion. Their figures are a reminder that India still has a long way to go.