India will continue to grow robustly, even among major industrialised G7 countries: PHDCCI
New Delhi: India will continue to grow robustly, even among major industrialised G7 countries, the PHD Chamber of Commerce and Industry (PHDCCI) said in a report on 'Population, Productivity, Partnership: Rethinking G7-India Collaboration'.
The PHDCCI report added that with an average real GDP growth of more than 8 per cent from 2021 to 2024, India has consistently outpaced all G7 countries: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
IMF's 2025 projections indicate that India will maintain a growth trajectory above 6 per cent (average) through 2029, supported by robust domestic demand, sound macroeconomic fundamentals, and its demographic dividend, the report said.
"India's consistent real GDP growth makes it the key growth driver for the world economy. The transformative reforms, including GST, the Insolvency and Bankruptcy Act, the Production Linked Incentive Scheme, growing digital infrastructure (Aadhaar and UPI) and Make in India, among others, are strengthening India's ascendancy in the World", said Hemant Jain, President, PHDCCI.
The objective of the report was to assess India's growth and trade dynamics among G7 economies.
In terms of purchasing-power-parity (PPP) terms, India's share in global GDP has surged from 7.0% in 2020 to 8.3 per cent in 2024, and is anticipated to exceed 9 per cent by 2029, he said.
A crucial underlying factor is the demographic divergence between India and the G7, said Jain.
India's working-age population (15-64 years) is projected to increase in the coming years, with over 68 per cent of its population currently between 15-64 years.
This demographic dividend supports labour supply expansion, boosts domestic consumption, and enhances the innovation ecosystem through a vibrant startup culture and rising tertiary education enrolment, said Jain.
Further, India's share of the total population ages 65 and above constitutes less than 5 per cent (2025). Conversely, G7 nations are confronting demographic headwinds as their share is more than 10 per cent, highlighting rapidly ageing populations, shrinking labour pools, and rising old-age dependency ratios, said Jain.
By 2030, this share is expected to double or more than double for the G7 economies.
"This is likely to slow potential output, reduce consumer demand, and increase fiscal burdens related to pensions and healthcare, said Jain.
Notably, India's merchandise trade with G7 countries has surged by 61 per cent, rising from USD 154 billion in FY 2020-21 to USD 248 billion in FY 2024-25, maintaining a steady trade surplus.
"This reflects India's growing export competitiveness, indicated by the commodity net export price index, bolstering its external sector resilience, Jain added.
The industry body said in the report that key global initiatives led by India--the International Solar Alliance, Mission LiFE, and the Global Biofuels Alliance--are shaping a greener, more inclusive world.
In the technology and digital governance space, India highlighted its commitment to a human-centric and ethical approach to AI, showcasing initiatives like BHASHINI and Digital Public Infrastructure (DPI) as global models.
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Times of Oman
12 hours ago
- Times of Oman
India will continue to grow robustly, even among major industrialised G7 countries: PHDCCI
New Delhi: India will continue to grow robustly, even among major industrialised G7 countries, the PHD Chamber of Commerce and Industry (PHDCCI) said in a report on 'Population, Productivity, Partnership: Rethinking G7-India Collaboration'. The PHDCCI report added that with an average real GDP growth of more than 8 per cent from 2021 to 2024, India has consistently outpaced all G7 countries: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. IMF's 2025 projections indicate that India will maintain a growth trajectory above 6 per cent (average) through 2029, supported by robust domestic demand, sound macroeconomic fundamentals, and its demographic dividend, the report said. "India's consistent real GDP growth makes it the key growth driver for the world economy. The transformative reforms, including GST, the Insolvency and Bankruptcy Act, the Production Linked Incentive Scheme, growing digital infrastructure (Aadhaar and UPI) and Make in India, among others, are strengthening India's ascendancy in the World", said Hemant Jain, President, PHDCCI. The objective of the report was to assess India's growth and trade dynamics among G7 economies. In terms of purchasing-power-parity (PPP) terms, India's share in global GDP has surged from 7.0% in 2020 to 8.3 per cent in 2024, and is anticipated to exceed 9 per cent by 2029, he said. A crucial underlying factor is the demographic divergence between India and the G7, said Jain. India's working-age population (15-64 years) is projected to increase in the coming years, with over 68 per cent of its population currently between 15-64 years. This demographic dividend supports labour supply expansion, boosts domestic consumption, and enhances the innovation ecosystem through a vibrant startup culture and rising tertiary education enrolment, said Jain. Further, India's share of the total population ages 65 and above constitutes less than 5 per cent (2025). Conversely, G7 nations are confronting demographic headwinds as their share is more than 10 per cent, highlighting rapidly ageing populations, shrinking labour pools, and rising old-age dependency ratios, said Jain. By 2030, this share is expected to double or more than double for the G7 economies. "This is likely to slow potential output, reduce consumer demand, and increase fiscal burdens related to pensions and healthcare, said Jain. Notably, India's merchandise trade with G7 countries has surged by 61 per cent, rising from USD 154 billion in FY 2020-21 to USD 248 billion in FY 2024-25, maintaining a steady trade surplus. "This reflects India's growing export competitiveness, indicated by the commodity net export price index, bolstering its external sector resilience, Jain added. The industry body said in the report that key global initiatives led by India--the International Solar Alliance, Mission LiFE, and the Global Biofuels Alliance--are shaping a greener, more inclusive world. In the technology and digital governance space, India highlighted its commitment to a human-centric and ethical approach to AI, showcasing initiatives like BHASHINI and Digital Public Infrastructure (DPI) as global models.
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There was a very complex view in the minds of the people that there would be no election in the short term. Still, when a big party of Bangladesh, Bangladesh Nationalist Party BNP, raised their voice about the election, then the scenario changed," he added. The government initially hinted at delaying elections until 2026, citing the need for reforms. However, following pressure from the Bangladesh Nationalist Party (BNP) and other parties, a joint declaration was issued in London, suggesting that elections might be held in February. "Ultimately, what happened was that the Chief Adviser went to London, met with the BNP's acting Chairman Tareq Rahman, and there was a conversation. After the meeting, they issued a joint declaration, from which we know that an election will be held in February. But we are not sure because the Election Commission has not yet declared the schedule", Murshid said. Murshid recalled that Yunus had said that he would not ban the Awami League. 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We have thousands of relatives in India. We used to go there for medical treatments and shopping, but this has been stopped due to a visa problem. Both the government and the opposition should take steps, without considering the political aspect, to maintain good relations for the betterment of both people. They should sit down and resolve their differences and make good relations through our foreign ministries."
