According to the most recent figures given by the International Monetary Fund (IMF), India’s GDP has doubled over the past ten years, from $2.1 trillion in 2015 to $4.3 trillion in 2025, representing an increase of 105%. India is now the world’s fifth-largest economy, behind the US, China, Germany, and Japan, thanks to its expansion.
India is expected to overtake Japan by the third quarter of FY25, according to IMF figures, and may lag just behind the US and China by 2027. At the moment, Japan’s GDP is $4.4 trillion. By the second quarter of 2027, India’s economy is predicted to overtake Germany, the third-largest in the world, if its present growth rate holds. Germany’s GDP is currently $4.9 trillion.
It is important to note that as of September 2024, China’s national debt was $2.52 trillion, whereas the United States’ was $36.22 trillion as of March 2025. By contrast, India had $712 billion in total debt as of September 2024.
Piyush Goyal, the minister of commerce and industry, had earlier praised India for doubling its GDP in ten years and referred to the country’s economic achievements over the past ten years as “outstanding.” India’s economy has more than doubled in size, surpassing the combined GDP of all G7, G20, and BRICS countries. He had said, “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.”
Now, if we look at India’s inflation, which is a major component affecting economic conditions and growth, data indicates that it is predicted to stay at 4.1%. Based on the Consumer Price Index (CPI), retail inflation in India fell sharply from 4.31 percent in January to 3.61 percent in February. This brought the inflation rate within the 4–6% range that the RBI had set as its aim.
The average income of a citizen based on the entire economic production is measured by GDP per capita, which is projected to be $11,940 (or 11.94 thousand international dollars in terms of purchasing power parity) based on IMF data. This suggests that people’s affluence and quality of life have increased over time. Additionally, the report showed that the gross government debt of India currently stands at 82.6% of GDP.
