NEW DELHI:
Prime Minister Narendra Modi will address the Outreach Session of the G7 advanced countries on Tuesday in the backdrop of India having become the fastest-growing economy in the world, and the only country to clock above 6 per cent GDP growth.
According to IMF data, India has taken the lead in economic growth with a 6.2 per cent GDP growth projected for 2025, well ahead of the other G7 countries with the US expected to post a 1.8 per cent growth rate, followed by Canada with 1.4 per cent, and the UK at 1.1 per cent, Japan and France come next with both countries seen clocking a 0.6 per cent GDP growth. Italy is in the 6th spot among the G7 countries with a 0.4 per cent GDP growth, and Germany trails with its economic growth expected at zero amid the global slowdown.
India’s industrial growth rate at 5.9 per cent for 2024 is also well ahead of the other G7 countries as Canada has posted a 1.2 per cent increase in industrial production, followed by the US with 0.9 per cent, the UK (0.7 per cent), France (0.5 per cent), Italy (0.3 per cent), Japan (0.2 per cent) and Germany with a (-) 0.1 per cent contraction in industrial production.
Similarly, India outpaces the G7 countries in the services sector with the purchasing managers index at 60.1, compared with Italy, which has the highest PMI number among the G7 at 54.1.
France comes next with 53.1, followed by the UK with 52.9, Germany (52.9), the US (51.4), Canada (51.1), and France trails with the services PMI index at 50.1. The number 50 is the critical mark on the PMI index that differentiates expansion from contraction.
While India is not a permanent member of the G7 bloc, the country has been invited to attend the summit several times over the years, with its growing economic and geopolitical importance.
Prime Minister Modi reached Canada on Tuesday after completing his visit to Cyprus and will also hold bilateral meetings with G7 leaders, including with host Canadian Prime Minister Mark Carney. He will depart for a visit to Croatia on Tuesday evening.
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