India has officially become the world's fourth largest economy, overtaking Japan, said B.B.R. Subrahmanyam, CEO of NITI Aayog.

Citing figures from the International Monetary Fund (IMF), Subrahmanyam said, "We have become the fourth largest economy. We have a $4 trillion economy. Today, India has surpassed Japan."

He added, "Now only Germany, China and the US are ahead of us."

He said that if he can move forward according to his plan, the country will become the world's third largest economy within the next two and a half to three years.