G20 Summit News / India became the boss of G20, no one from US to Europe has this much power

Before the G20 meeting to be held in Brazil, India has proved its economic strength. According to the IMF report, India's GDP growth rate is estimated to be 7% in 2024, which is the highest among the G20 countries. India has become the engine of global growth.

Vikrant Shekhawat : Nov 18, 2024, 07:50 PM

G20 Summit News: The G20 Summit is set to commence soon in Brazil, and India holds a special place in this significant gathering. The G20, comprising the world’s most powerful nations, is witnessing India’s economic success like never before. Not only is India a crucial member of this group, but it has also emerged as the growth engine of the world, thanks to its rapid economic growth.

India’s Rising Dominance

According to the IMF's World Economic Outlook, India is projected to lead the G20 nations in economic growth with a 7% growth rate in 2024. This not only highlights India’s strong economic position but also underscores its role as a driving force in the global economy.

Following India in this ranking are Indonesia (5%), China (4.8%), and Russia (3.6%). These figures clearly indicate that India’s economy outpaces others in terms of both pace and stability.

Economic Status of Other Nations

Compared to India, other G20 nations show significantly lower growth rates:

United States and Brazil:
The United States is expected to grow at 2.8%, while Brazil’s growth rate is projected at 3%. Brazil is also the host of this year’s G20 summit.
South Korea and Turkey:
South Korea’s growth rate is estimated at 2.5%, and Turkey’s at 3%.
Mexico and Saudi Arabia:
These nations are expected to grow at 1.5% each.
Slow Growth in European Nations:
The United Kingdom, France, and the European Union are projected to grow at just 1.1%.

Economies in Decline

Some G20 nations face concerning economic situations:

Argentina:
With a projected growth rate of -3.5%, Argentina sits at the bottom of the G20 rankings.
Germany:
Europe’s largest economy is expected to stagnate at a 0% growth rate.
Japan and Italy:
Japan’s growth rate is estimated at 0.3%, while Italy’s is slightly higher at 0.7%.

The Significance of India’s Growth

India’s rapid economic growth reflects its rising influence on the global stage. In the G20, India has transitioned from being just a member to taking on a leadership role. Its economic progress, surpassing that of nations like the US and those in Europe, positions India as a strong global partner.

India’s performance at the G20 Summit will also send a message about how the country can shape the global economic landscape in the coming years.

Conclusion

India’s economic progress is not only an achievement for itself but also an inspiration for the entire world. Its standout performance among G20 nations demonstrates how effective policies and stability can help a nation carve a prominent place on the global stage. The upcoming G20 Summit will be a testament to India’s strength and leadership capabilities.