Saturday, July 13, 2024

India’s rising economic clout makes it key constituent of G7 meet


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New Delhi, June 14: Prime Minister Narendra Modi is presently in Italy on his first foreign visit after being re-elected as the PM for the third time in a row to attend the 50th Summit of the G7 countries — Italy, Canada, France, Germany, Japan, the UK, and the US.

This is PM Modi’s fifth consecutive participation at the G7 Summit.

Given the increasing economic clout of India, the country cannot be outside the major policy issues confronting the Western economies.

How India compares with G7 nations in terms of GDP: According to the International Monetary Fund (IMF) data, India ranks fourth in terms of GDP when compared to the Group of 7 nations. India has also emerged as the fastest-growing major economy in the world with a growth rate of over 7 per cent over the last three years amid the global slowdown.

Below is the chart of GDP rankings of India along with the G7 countries (USD billion):

1. USA (28,783)

2. Germany (4,590)

3. Japan (4,112)

4. India (3,942)

5. UK (3,502)

6. France (3,132)

7. Italy (2,332)

8. Canada (2,242)

PM Modi is participating in the G7 Outreach Summit in which the focus is on artificial intelligence, energy, Africa, and the Mediterranean, among others.

“It will be an opportunity to bring greater synergy between the outcomes of the G20 Summit held under India’s Presidency and the G7 Summit, and deliberate on issues which are crucial for the Global South,” PM Modi said in a statement.

The Prime Minister is also holding bilateral talks with major world leaders on the sidelines of the event with an aim to strengthen India’s diplomatic ties.




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