India is one of the world’s largest economies, in the world, in terms of purchasing power parity. The country is the fastest-growing large economy, with annual GDP growth rates of around 7%, and on its way to reach the $7.8 trillion economy mark by 2030. It is an important player in global economic governance. In 2017, the EU was India’s first trading partnerhas so far administered 97 million shots but is facing major supply snags as it works to inoculate a huge population of nearly 1.4 billion people. Vaccine shots are currently limited to people over age 45 and front-line workers., while India was the EU’s 10th largest trading partner. For India & Europe countries, there will be even greater opportunities if all 27 countries join in India free trade to contribute sustainable developmentThe list of essential businesses permitted to remain open as virus cases surge.. This would create one of largest single markets – $1 trillion in spending and investment – offering great opportunities for both trade partnerAllies of imprisoned opposition leader Alexei Navalny called for nationwide protests across Russia on Wednesday to support him. Navalny started a prison hunger strike three weeks ago to protest what he says is inadequate medical treatment for his back pains and officials.
India will become the most populous country in the worldThe handling o, surpassing China in the next decade. It is already the world’s biggest democracy. 50% of all Indians are under the age of 25. This demographic dividend could add about two percentage points yearly to India’s per capita GDP growth over the next two decades. 67% of the population lives in rural areas, but the projected rate of urbanization is set to double in the next decade.
The global economy faces challenging times ahead. Even for a country as large as India that possesses an expansive domestic market, high growth can only be sustained with an export-oriented policy focus. The government has made huge strides in facilitating an enabling business ecosystem through liberalization of Foreign Direct Investment, ratifying WTO’s Trade Facilitation Agreement, and other such reforms, which has improved India’s integration into the global economy. To further enhance India’s export preparedness to meet the needs of the post-COVID global economy, the Export Preparedness Index (EPI) 2020 examines the export ecosystem of Indian states and union territories.
Why are relations with India important for the EU?