Prime Minister Narendra Modi will attend the G7 Outreach Session on Tuesday, as India is now the fastest-growing major economy in the world — the only nation recording GDP growth above 6 per cent at present.
As per statistics put out by the International Monetary Fund (IMF), India is expected to reach a 6.2 per cent GDP rate in 2025 well above all the G7 countries.
For comparison, the United States is expected to grow by 1.8 per cent, followed by Canada at 1.4 per cent and the United Kingdom at 1.1 per cent. Japan and France are expected to experience a growth rate of 0.6 per cent.
Among the G7, Italy is in sixth place with a forecasted GDP growth of 0.4 per cent, and Germany is expected to witness no growth whatsoever, pointing to the wider global economic slowdown.
India is also forging ahead in industrial performance. With a growth rate of 5.9 per cent in 2024, the nation surpasses its G7 peers. Canada recorded a 1.2 per cent growth in industrial production, then the US at 0.9 per cent, the UK at 0.7 per cent, France at 0.5 per cent, Italy at 0.3 per cent, Japan at 0.2 per cent, and Germany shrinking by 0.1 per cent.
The services sector also presents a robust picture for India. India is the leader in the world with a Purchasing Managers' Index (PMI) of 60.1—well above the G7 average. The highest services PMI amongst G7 members is that of Italy at 54.1, followed by France at 53.1, and both UK and Germany at 52.9. This is followed by the US and Canada at 51.4 and 51.1, respectively. France posts the lowest reading in the group with a PMI of 50.1. A figure over 50 on the PMI signifies economic growth, while below that means contraction.
While India is not a permanent G7 member, its attendance at the summit has become more regular due to its growing significance in economic and geopolitical terms.
Prime Minister Narendra Modi had arrived in Canada on Tuesday following the end of his official visit to Cyprus. During the summit, he is also set to meet a series of bilateral meetings with other important G7 leaders, including the host of the summit, Canadian Prime Minister Mark Carney. Modi is due to leave for Croatia later on Tuesday evening as part of his diplomatic tour.
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