India is set to overtake Japan — and, yes, California — and become the world’s fourth-largest economy

The Indian market has been a huge outperformer among emerging markets in recent years, but 2025 has been altogether different. - Getty Images According to the Indian government’s own data, its economy has now achieved a gross domestic product of $4.18 trillion, narrowly surpassing that of Japan. It also now exceeds the U.S. state of California, which Gov. Gavin Newsom recently boasted was the world’s fourth-largest economy. While the World Bank and the IMF have yet to formally acknowledge the change in t ...