Prime Minister Narendra Modi is currently in Italy on his first foreign visit since being re-elected as the Prime Minister for the third consecutive term. He is attending the 50th Summit of the G7 countries, which includes Italy, Canada, France, Germany, Japan, the UK, and the US. This marks PM Modi’s fifth consecutive participation at the G7 Summit.
India’s Growing Economic Influence
India’s increasing economic clout makes it an essential player in major policy discussions affecting Western economies. According to the International Monetary Fund (IMF) data, India ranks fourth in terms of GDP when compared to the G7 nations. India has also emerged as the fastest-growing major economy in the world, boasting a growth rate of over 7 percent over the last three years, despite a global economic slowdown.
GDP Rankings (USD billion)
- USA: 28,783
- Germany: 4,590
- Japan: 4,112
- India: 3,942
- UK: 3,502
- France: 3,132
- Italy: 2,332
- Canada: 2,242
Focus of the G7 Outreach Summit
PM Modi is participating in the G7 Outreach Summit, which focuses on crucial issues such as artificial intelligence, energy, Africa, and the Mediterranean. In a statement, PM Modi highlighted the opportunity to enhance synergy between the outcomes of the G20 Summit, held under India’s Presidency, and the G7 Summit. He emphasized the importance of deliberating on issues crucial for the Global South.
Strengthening Diplomatic Ties
During the summit, the Prime Minister is also engaging in bilateral talks with major world leaders, aiming to strengthen India’s diplomatic ties and collaborate on various global challenges.
This visit underscores India’s significant role on the global stage and its growing influence in international economic and policy discussions.
