New Delhi, 28 June (IANS). India will continue to grow firmly among the major industrial G-7 countries. This information was given in the analysis of PhD Chamber of Commerce and Industry regarding the report on ‘Population, Productivity, Partnership: Rithinking G7-India Collaboration’.
The report aims to assess India’s development and trade dynamics among the G7 economies, to discuss PM Modi’s visit to Canada recently for the G7 Outreach session and to investigate the possibilities of cooperation and participation between India and G7.
Hemant Jain, president of PHD Chamber of Commerce and Industry, said in a press statement, “The continuous growth of India’s real GDP makes the country a major development driver for the world economy. GST, Insolvency and Bankruptcy Act, Production Linked Promotion Scheme, Older Digital Infrastructure (Aadhaar, UPI) and Make in India are strengthening the world.
He said that with an average actual GDP growth of more than 8 percent from 2021 to 2024, India has continued to overtake all G7 members. IMF’s 2025 estimates indicate that India will maintain a growth rate of more than 6 percent (average) by 2029, which supports strong domestic demand, strong macroeconomic fundamental and its demographic dividend.
He said that in the context of Perchasing-Power-Father (PPP), India’s stake in Global GDP has increased from 7 percent to 8.3 percent in 2024 in 2020, which is estimated to be more than 9 percent by 2029.
India’s working age population (15-64 years) is estimated to increase in the coming years, currently more than 68 percent of the country’s population is between 15-64 years.
In the year 2025, people of 65 years or above have less than 5 percent of India’s total population. Conversely, the G7 nation is facing demographic challenges as their share is more than 10 percent, which highlights rapidly growing aged populations, shrinking labor pools and rising old age dependence ratio. By 2030, this part is expected to be doubled or even higher for G7 economies.
The study states that clean and renewable energy, climate finance, digital public infrastructure, trade and supply chain strengthening, maritime and Hind-safety and strategic cooperation in areas such as strengthening, maritime and Hind-safety and healthcare and pharma will promote eclectic development.
-IANS
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