India's Economic Ascent: A Global Powerhouse Among G7 Nations

In a recent report titled 'Population, Productivity, Partnership: Rethinking G7-India Collaboration', the PHD Chamber of Commerce and Industry (PHDCCI) declared that India will continue to grow robustly, surpassing major G7 industrialized nations. With an average real GDP growth of over 8% between 2021 and 2024, India has outpaced countries like Canada, France, Germany, Italy, Japan, the UK, and the US.

The International Monetary Fund projects that by 2025, India will sustain an average growth rate exceeding 6% through 2029. This steadfast trajectory is attributed to strong domestic demand, robust macroeconomic fundamentals, and a favorable demographic dividend. Hemant Jain, President of PHDCCI, emphasized that India's continuous GDP growth positions it as a key driver of global economy, bolstered by transformative reforms such as GST and a burgeoning digital infrastructure.

The report further highlights India's increasing influence in global trade dynamics, with merchandise trade with G7 nations surging by 61% from USD 154 billion in FY 2020-21 to USD 248 billion in FY 2024-25. Additionally, strategic collaborations in areas like renewable energy and digital governance are expected to propel mutually beneficial growth trajectories, enriching India's role as a critical player on the world stage.

(With inputs from agencies.)