India has surpassed Japan to become the world’s fourth-largest economy, according to NITI Aayog CEO BVR Subrahmanyam, who cites IMF data. India now has a $4 trillion economy, trailing only the United States, China, and Germany. According to Subrahmanyam, India may soon surpass Germany to become the world’s third-largest economy in the next 2, 2.5, or 3 years.
This is wonderful news for the Indian GJ sector. Rising earnings, a growing middle class, and a young population are predicted to drive domestic consumption of gold, diamonds, and other jewelry, particularly for weddings and festivals, which currently account for a sizable portion of demand. As India’s economic situation improves, jewellery will continue to be viewed as both a status symbol and a sort of financial protection, driving up local sales.
BVR Subrahmanyam observed, “India may soon surpass Germany to become the world’s third-largest economy. Only the United States, China, and Germany are larger, and if we adhere to what is being planned and thought out, it will only be a question of another 2, 2.5 to 3 years before we become the third largest economy.”