Growing clout

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Growing clout

Saturday, 15 June 2024 | Pioneer

Growing clout

The G7 Summit provides India with a significant platform to contribute to critical global discussions

Prime Minister Narendra Modi arrived in Italy on Friday for the G7 Summit's Outreach session. This visit marks PM Modi's first foreign trip since the beginning his third term in office. India has been invited to the Summit by Italy. The Group of Seven, or G7, a coalition of the world's most happening economies --- Canada, France, Germany, Italy, Japan, the UK and the US --- makes the world go round. India has emerged as one of the most trusted G7 partners over the years.  This forum is instrumental in shaping global economic policies and addressing critical issues such as climate change, trade and geopolitical stability; in nutshell a force to reckon with. The G7 Summit is an annual gathering where the member nations discuss these pressing matters and seek collaborative solutions. India, while not a member, has a significant interest in the G7's activities and decisions due to its expanding global influence and economic aspirations. The G7 holds substantial sway over global economic and political affairs. Collectively, these nations represent about 40 per cent of global GDP and wield considerable influence over international institutions such as the IMF and the World Bank. The group's decisions can impact global markets, set economic trends and influence international policies. However, the biggest cementing factor is geopolitics. India happens to be in the frontline in G7's economic and political tussle with China. The G7 often discusses security issues, including those related to regional stability and counterterrorism with India as Indian inputs are taken seriously.

India has had a long relationship with the G7. The country's engagement with the G7 is driven by several strategic national interests. India aims to bolster its economic growth through increased trade and investment. The G7 economies are significant trading partners and sources of foreign direct investment. Engaging with the G7 helps India to advocate for fairer trade practices, access to advanced technologies and support for its economic initiatives. Besides, India is deeply invested in the global climate agenda. As a developing nation facing the dual challenges of economic growth and environmental sustainability, India's participation in G7 discussions on climate change is crucial. The G7's commitments to carbon neutrality, renewable energy and financial support for developing nations align with India's goals of transitioning to a green economy. India's participation in these dialogues is vital for addressing security concerns, particularly in the Indo-Pacific region where China's assertive actions have raised alarms. Moreover, as a country aspiring to become a global technology hub, India seeks collaboration with G7 countries on innovation and technological development. Participation in G7 initiatives can help India gain access to cutting-edge technologies, foster research and development partnerships, and support its digital economy.

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