India is on track to surpass Japan as the world’s fourth-largest economy in 2025, a year earlier than the International Monetary Fund previously projected. Driven by an expanding population, middle class, and auto market, India’s economy has rapidly grown in recent years, while the depreciation of the Japanese yen is set to hurt Tokyo’s economy in dollar terms, according to the IMF. Investors and businesses are increasingly looking to India as an alternative to China, but New Delhi must take broader steps including expanding the tax base and increasing research and development funding to sustain its next wave of growth, The Economist wrote. A Mumbai-based corporate economist, meanwhile, argued that Prime Minister Narendra Modi’s ruling party isn’t talking enough about the economy in its reelection pitch. |