New Delhi, May 27: With India on the brink of becoming the world’s fourth-largest economy, the milestone will boost the country’s manufacturing and medical technology sector, according to the Association of Indian Medical Device Industry (AiMeD) on Tuesday.

NITI Aayog on Monday said India is set to become the fourth largest economy in the world by overtaking Japan by the end of 2025.

The International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released in April, said that India is expected to be the fourth largest economy in the world with a GDP of $4.19 trillion in 2025, ahead of Japan.

For the medical devices sector, the achievement will boost indigenous manufacturing and self-reliance, said Rajiv Nath, Forum Coordinator of the AiMeD.

“A growing economy allows us to scale up R&D, invest in new technologies, and become globally competitive,” Nath said.

“The recognition of India as a top-tier economy will boost investor confidence, drive global partnerships, and open doors for Indian manufacturers to lead not only in volume but in innovation and quality,” he added.

The World Economic Outlook (WEO), released by the IMF in April showed that India's GDP for the full year 2025, would become higher than that of Japan.

As per IMF data, India's per capita income doubled to $2,880 in 2025 from $1,438 in 2013-14.

The country’s nominal GDP for 2025 (FY26) is expected to be $4.187 trillion marginally more than the likely GDP of Japan -- estimated at $4.186 trillion, the IMF said.

Calling it a moment of immense national pride and global recognition, Nath said the milestone marks India’s transition from being seen as an emerging economy to becoming a global economic powerhouse.

“Japan has historically been a symbol of industrial excellence and discipline, and to surpass such a formidable economy signals India's growing economic maturity, expanding influence, and increasing role in shaping global narratives. This isn’t just about the numbers -- it’s about momentum, demographic strength, and the vast untapped potential of India’s young and dynamic population,” said Nath.

Nath also emphasised shifting the focus toward improving per capita income, enhancing the quality of life, and creating inclusive growth.

“We must ensure that this economic rise translates into meaningful development at the grassroots level, across rural and urban India alike,” he added.

--IANS

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