Chief Economic Adviser V Anantha Nageswaran has been requested by the Parliament Standing Committee on Finance to appear before it on Friday to brief members on the subject ‘Roadmap for Indian economic growth in light of global economic and geopolitical circumstances.’

The Parliament panel headed by Lok Sabha member Bhartruhari Mahtab is reviewing the roadmap for Indian economic growth in the wake of the evolving global economic and geopolitical landscape. This review is crucial because India’s export growth, historically tied to global trade, is now facing uncertainties. Additionally, the committee also wants to understand the strategies for domestic growth, which will become increasingly important in the coming years.

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Only last week, India made headlines by overtaking Japan to become the world’s fourth-largest economy. With a GDP of USD 4.187 trillion and a per capita GDP of USD 2,934, India combines rapid economic growth with a massive population. India remains the world’s fastest-growing major economy and is the only country projected to grow over 6 per cent annually for the next two years.

Earlier, the International Monetary Fund in its 2025 World Economic Outlook Report had also projected that India would become the fourth-largest economy in 2025 with a nominal GDP of USD 4.187 trillion, overtaking Japan’s USD 4.186 trillion.

According to the data released on Friday by National Statistics Office under the Ministry of Statistics and Programme Implementation, India’s GDP growth for the fourth quarter of financial year 2024-25 stood at 7.4 per cent while for the full financial year 2024-25, the real GDP growth stood at 6.5 per cent, slightly below the Reserve Bank of India’s projection of 6.6 per cent for the year.

In a note “Roadmap for USD 5 trillion economy in light of global economic and geopolitical circumstances” last January, the finance ministry said that India was a USD 3.57 trillion economy in FY24 and at the annual trend growth of around 6.5-7 per cent the target of USD 5 trillion would be achieved by 2028-29. And if the first advance estimates of GDP for FY25 projected a GDP growth rate of 6.4 per cent, a four-year low, the government called it a transitory blip because of general elections last year and hoped to regain growth momentum soon.

Most of the international development organisations and rating agencies have also seconded the government’s claims and are projecting a high GDP growth trend in the coming years. The World Bank projected India’s GDP growth at 6.5 per cent for FY25, with a potential for 6.7 per cent growth in the following two fiscal years (FY26 and FY27). The IMF expected India’s growth to remain robust at 6.5 per cent for both 2025 and 2026. Fitch Ratings has projected India’s GDP to grow at 6.5 per cent in 2025-26, while Moody’s Ratings in its latest Banking System Outlook – India report, released recently, has projected the country’s real GDP growth to exceed 6.5 per cent in FY26.