India set to overtake Japan as fourth-biggest economy next year, adviser says

What happened: India's chief economic adviser V. Anantha Nageswaran said India is expected to overtake Japan as the fourth-largest economy in nominal terms by the end of next March, later than initially expected. Key numbers: India grew 7.8% year on Why it matters: Nageswaran said India has done better than Western countries on job creation and income growth, but youth unemployment, especially among urban women, remains a problem with slow progress. He called for more focus on agriculture and hoped for greater Japanese investment in precision equipment, machine tools and semiconductors.

India's chief economic adviser V. Anantha Nageswaran said India is expected to overtake Japan as the fourth-largest economy in nominal terms by the end of next March, later than initially expected.

Nageswaran said India has done better than Western countries on job creation and income growth, but youth unemployment, especially among urban women, remains a problem with slow progress. He called for more focus on agriculture and hoped for greater Japanese investment in precision equipment, machine tools and semiconductors.