The Government of India on Monday (December 29) announced via a press release that the country has now overtaken Japan to become the world’s fourth-largest economy. With a gross domestic product (GDP) valued at $4.18 trillion, India now ranks behind only the United States, China and Germany in terms of economic size. The government said India is also the fastest-growing major economy globally and is on track to overtake Germany to become the world’s third-largest economy within the next three years. According to official government projections, India’s GDP could rise to about $7.3 trillion by 2030.