India, the fourth largest economy in the world - Ranked after the US, China and Germany
India's economy has surpassed Japan's in terms of nominal Gross Domestic Product, becoming the fourth largest in the world after the US, China and Germany. According to the latest IMF estimates, India is worth about $4.5 trillion, with an advantage of about $50 billion over Japan. India has a population of 1.46 billion and an economic growth of about 6%.
Meanwhile, according to the latest data, amid growing global trade uncertainties, India's economy is projected to grow by 7.4% in the fiscal year ending March 2026, higher than 6.5% in the last fiscal year.
In 2025, preliminary estimates offered the first official sign of a slowdown in the world's fastest-growing economy, putting India's growth at 6.4%, the weakest since the pandemic. That figure was later revised to 6.5% in May.
Private consumption is expected to expand by 7%, slightly down from last year's 7.2% growth. Meanwhile, government spending is forecast to increase by 5.2%, from a 2.3% increase last year.
Indian exports to the US, its largest trading partner, have been subject to 50% tariffs since August last year. While negotiations towards a trade deal are ongoing, the prolonged tariffs are expected to negatively impact economic momentum.
Last month, the International Monetary Fund said India's real GDP is forecast to grow by 6.6% in fiscal year 2026 before moderating to 6.2% in fiscal year 2027, assuming a prolonged delay in a US-India trade deal.
Despite these risks, the Indian economy has been surprisingly resilient in the first half of fiscal 2026, growing faster than expected by 7.8% in the June quarter and 8.2% in the quarter ending in September.
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