India surpassed Japan to become the world’s fourth largest economy this month with an FY26 GDP estimate of $4.187 billion. Indian-American businessman Sabeer Bhatia however insisted that such rankings ‘meant little’ if people in the country could not feel any progress. The Hotmail co-founder also contended that the GDP numbers were “inaccurate” and the result of “financial jugglery”.

“Everyone’s gloating about India becoming the 4th largest economy. But where’s the prosperity on the streets? Why are so many still desperate to leave? GDP rankings mean little if people don’t feel the progress. What gives? It is a result of financial jugglery. My instincts tell me the GDP numbers are inaccurate. GDP should be the total goods and services produced by the nation (period),” he wrote.

The Hotmail co-founded added in a follow up post that India’s greatest asset was its people — stressing the need to focus on educating people and transforming the country into the “IP capital of the world” rather than celebrating GDP numbers.

“Are marks a good indicator of knowledge? Just like GDP isn’t the true measure of a nation’s well-being, marks don’t capture a student’s true understanding. Methinks not,” he added in another post.

India has been the fifth-largest economy in the world till 2024. According to the World Economic Outlook report released by the International Monetary Fund in April, the country is projected to have a GDP of $4.19 trillion in 2025. The nominal GDP for FY26 is expected to be marginally more than the likely GDP of Japan which is estimated at USD 4.187 billion. The per capita income of India has doubled from $1,438 in 2013-14 to $2,880 in 2025. The IMF report also said the Indian economy is projected to grow at 6.2% in 2025-26 (slower than earlier estimated rate of 6.5%) due to escalated trade tensions and global uncertainty.

“We are the fourth largest economy as I speak. We are a USD 4 trillion economy as I speak, and this is not my data. This is IMF data. India today is larger than Japan. It’s only the United States, China, and Germany which are larger, and if we stick to, you know, what is being planned, what is being thought through, it’s a matter of another 2, 2.5 to 3 years; we would become the third largest economy,” NITI Aayog CEO BVR Subrahmanyam said on Sunday morning.