IMF Says India is 4th Largest Economy: What It Means for Chandigarh

  • Punjab’s Governor and Administrator of UT Chandigarh emphasized the city’s commitment to sustainable growth, skill development, and good governance during the 10th NITI Aayog Governing Council meeting.
Prime Minister Modi in a group photograph during the 10th Governing Council Meeting of NITI Aayog, in New Delhi on May 24, 2025.

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Chandigarh, India, May 26, 2025 — Mr. Gulab Chand Kataria, the Governor of Punjab and Administrator of the Union Territory of Chandigarh participated in the 10th Governing Council Meeting of NITI Aayog held at Bharat Mandapam in New Delhi.

Prime Minister Narendra Modi led a meeting with Chief Ministers and Lieutenant Governors from 24 states and 7 Union Territories. The meeting focused on “Viksit Rajya for Viksit Bharat @ 2047.”

Prime Minister Narendra Modi’s address reaffirmed the country’s commitment to inclusive and cooperative federalism. He emphasized that the aspiration for a developed India transcends political affiliations and belongs to all 1.4 billion Indians. He urged all states and Union Territories to unite in transforming every city, village, and state into a developed entity, accelerating India’s journey to becoming a Viksit Bharat (Developed India) well before 2047.

The Prime Minister highlighted India’s progress as one of the world’s top five economies and the upliftment of 250 million citizens from poverty. He encouraged leveraging the country’s manufacturing strengths and promoting skill development aligned with modern technologies, such as artificial intelligence and semiconductor manufacturing. Additionally, he emphasized the need to expand opportunities in green and hydrogen energy.

The Prime Minister also stressed the importance of developing at least one global-standard tourist destination in each state, sustainable urbanization, women’s empowerment, enhancing cybersecurity, and interlinking rivers to address water challenges.

In his address, Mr. Gulab Chand Kataria emphasized Chandigarh’s impressive transformation from a city originally designed for a population of 500,000 to one that now accommodates over 1.24 million residents. With the recent incorporation of 13 villages into the Municipal Corporation and ongoing developments aligned with the Master Plan 2031, Chandigarh is undergoing swift social, physical, and economic growth.

Mr. Kataria emphasized that Chandigarh’s growth is fundamentally based on green, inclusive, and sustainable development principles.

The Administrator emphasized Chandigarh’s goal of becoming a national skill hub focused on green technologies by prioritizing human capital. He stressed the importance of establishing reputable institutions to prepare the youth for emerging job markets, particularly in the green tech sector. However, he also openly acknowledged the limitations faced by Chandigarh due to its Union Territory status, which restricts its capacity to offer financial incentives crucial for attracting investments and promoting economic growth.

In response to the Prime Minister’s call for developing world-class tourist destinations, Mr. Kataria reaffirmed Chandigarh’s commitment to improving its tourism infrastructure. He emphasized a focus on sustainability, citizen-centered services, and the integration of renewable energy. Additionally, he highlighted the importance of reforms to increase women’s participation in the workforce and reiterated Chandigarh’s dedication to fostering an environment that supports women’s empowerment and economic inclusion.

The Administrator concluded by reaffirming Chandigarh’s strong commitment to the national vision of Viksit Rajya for Viksit Bharat by 2047.

In his closing remarks at the meeting, NITI Aayog CEO B.V.R. Subrahmanyam revealed the exciting news. According to the latest data from the International Monetary Fund (IMF), India has officially surpassed Japan in claiming the position of the world’s fourth-largest economy. With a robust economy now valued at a staggering USD 4 trillion, India stands proudly behind only the United States, China, and Germany.

“We have reached a significant milestone as the fourth-largest economy,” Subrahmanyam declared. “Currently, India boasts an economy worth USD 4 trillion, and this assessment comes directly from IMF data. It’s remarkable to note that India has now eclipsed Japan.”

Subrahmanyam continued by projecting an optimistic future for India’s economic growth, suggesting that the nation could soon outpace Germany and become the third-largest economy globally.

“We are in a league with only the United States, China, and Germany. If we follow our strategic plans and maintain our current trajectory, we can emerge as the third-largest economy within the next two to three years,” Subrahmanyam stated, expressing his confidence in India’s economic progress.

Source: Chandigarh Administration.

— The editor of CitiTimes holds a prestigious academic certification from the International Monetary Fund (IMF).