New Delhi: India has officially surpassed Japan to become the fourth-largest economy in the world, representing a historic milestone in its economic pathway. This was shared by BVR Subrahmanyam, CEO, NITI Aayog, during the 10th Governing Council Meeting. Based on the latest data from the International Monetary Fund (IMF), India has a Gross Domestic Product (GDP) of $4 trillion and is now behind only the United States, China, and Germany.
The Governing Council Meeting was held in Bharat Mandapam in New Delhi and chaired by Prime Minister Narendra Modi. The meeting was as much a celebration of India’s economic dynamism as it was an opportunity for collective brainstorming to convert this momentum into sustainable and inclusive development by the year 2047, India’s 100-year anniversary of independence.
A Decade of Governance Reform Ripe for Opportunity
India’s variable timing of economic advancement was not without purpose. Coincident with NITI’s 10-year anniversary, the 10th Governing Council meeting was an opportunity for both introspection and a vision to achieve shared prosperity and equality from an Indian perspective. Subrahmanyam elaborated on how important the transformation of NITI from a policy institution to a driver of data-led governance and cooperative federalism was to India’s rapid development.
“In the last ten years, we’ve created a platform where states are not just implementers but strategic partners,” Subrahmanyam said. “This is what gives us confidence that Viksit Bharat@2047 is not just aspirational, but achievable.”
This institutional evolution was reflected in the record attendance: 31 out of 36 states and Union Territories participated, with leaders across the political spectrum responding to what has been increasingly framed not as a central government initiative, but a national movement.
Prime Minister Modi: “Development Must Become a People’s Movement”
In a speech that framed the meeting’s significance, Prime Minister Narendra Modi emphasised that the path to a “Viksit Bharat,” a developed India, cannot be government-led alone. “We need to turn this into a people’s movement. When every state becomes Viksit, Bharat will automatically be Viksit,” he said, invoking the spirit of cooperative federalism.
With a carefully curated mix of pride and urgency, PM Modi outlined eight key pillars for transformation—each interlinked with the overarching economic vision. From tech-driven governance and women’s empowerment to urban innovation and tourism-led development, the themes reflected a shift from piecemeal reform to integrated nation-building.
“We must plan for future-ready cities. Growth, innovation, and sustainability should be the engine,” the Prime Minister said, underlining the importance of long-term urban infrastructure planning. Simultaneously, he called for the integration of women into the workforce through progressive laws and policy interventions: “We must make it possible for women to participate in the workforce respectfully and safely.”
Vision 2047: Federalism as a Force Multiplier
The slogan “Viksit Bharat@2047” is not merely a catchphrase. Behind it lies a methodical, decentralised planning exercise. Subrahmanyam confirmed that 17 states have already prepared their Vision 2047 documents, with Gujarat, Andhra Pradesh, Uttar Pradesh, and Tamil Nadu leading the way.
Gujarat has set a target of becoming a $3.5 trillion economy, while Andhra Pradesh is aiming for $2.5 trillion. These goals, though ambitious, are rooted in regional strengths—be it manufacturing, services, green energy, or innovation ecosystems. NITI Aayog has provided a comprehensive framework to help states build realistic yet transformative roadmaps, ensuring national coherence with local relevance.
“This is the decade of states,” Subrahmanyam asserted. “Growth cannot happen uniformly from Delhi. It has to happen in Hyderabad, in Patna, in Lucknow, and in every block and district.”
Suman Bery, Vice Chairman of NITI Aayog, echoed this sentiment, saying, “What we’re building here is more than a policy document. It’s a social and political mobilisation that seeks to harness every Indian’s potential.”
Economy: The Winds Are Favourable
India’s economic rise is not happening in a vacuum. Subrahmanyam noted that a conducive geopolitical climate is tilting the global manufacturing axis toward India. “Given current global dynamics, India will emerge as the most cost-efficient and stable place to manufacture,” he said, in response to a question about U.S. President Donald Trump’s suggestion to bring Apple’s iPhone manufacturing back to America.
India’s macroeconomic stability, large domestic market, and reforms like GST, PLI schemes, and digital public infrastructure, such as UPI and Aadhaar, are now seen as structural advantages rather than temporary boosts.
This economic buoyancy is expected to be reinforced by the second phase of the asset monetisation pipeline, scheduled for launch in August 2025. “This will unlock immense value in public sector assets and help finance critical infrastructure,” Subrahmanyam said.
Civil Preparedness and Security: A New National Paradigm
The meeting also took place under the shadow of the tragic terrorist attack in Pahalgam, Jammu & Kashmir, which claimed 26 lives, including a Nepali citizen. A minute’s silence was observed at the beginning of the session, but the incident also informed a key segment of the discussions: the modernisation of civil preparedness.
Referencing Operation Sindoor, India’s recent precision military response, PM Modi emphasised that such operations must be embedded into a broader strategy of national resilience. “We must institutionalise civil preparedness. Our response should be systemic, not reactive,” he said.
In this regard, he called for robust healthcare systems, ensuring operational oxygen plants, and improved disaster response infrastructure, lessons hard-earned during the COVID-19 pandemic.
Urbanisation, Skilling, and Green Growth: Triad of the Future
India’s demographic window, expected to remain open until the late 2040s, was highlighted as a powerful catalyst. But the Prime Minister warned that this dividend could become a hindrance if skilling and jobs don't keep up. States were encouraged to support entrepreneurs, streamline compliance regimes, and invest in green and circular economies.
The integration of technology into agriculture, governance, and healthcare was yet another theme. "This is the century of technology. We must integrate it into every field of activity, from agriculture to administration," Modi stated.
The Prime Minister's "One State, One Global Destination" plan attempts to link tourism together with local development. He invited states to identify one place each for the state to develop to global standards, which would also develop the surrounding region.
Politics Gives Way to Policy: At Least for a Day
The greatest success of the session may have been the impression of political maturity it conveyed. Even with five of the non-BJP ruled states, Kerala, Karnataka, West Bengal, Punjab, and Delhi, absent, many of the Chief Ministers of the opposition ruled states, Tamil Nadu (MK Stalin), Himachal Pradesh (Sukhvinder Singh Sukhu), Telangana (Revanth Reddy), and Odisha (Mohan Charan Majhi) were able to engage with the Prime Minister in positive bilateral discussions.
This willingness to work across political lines, especially on critical national issues like economic development and civil security, was described by several participants as a “refreshing shift” in federal dynamics.
Suman Bery summed it up aptly, “This was not just a meeting; it was a moment. A reaffirmation that while we may differ in politics, the goal of a Viksit Bharat unites us all.”
Key quotes from PM Modi at the NITI Aayog meeting
- Development must speed up with the Centre and States working as Team India.
- Viksit Bharat is every Indian’s goal; when every state develops, India develops.
- Each state should develop at least one world-class tourist destination.
- Focus on building future-ready cities driven by growth, innovation, and sustainability.
- Women’s inclusion in the workforce requires supportive laws and policies.
- Technology should transform all sectors, from governance to agriculture.
- Stay prepared for COVID challenges with adequate health infrastructure.
- Operation Sindoor calls for long-term civil preparedness, not a one-off action.
- PM Modi also held discussions with several Chief Ministers to promote cooperative progress.
