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February 25, 2026Asian Economics Letters0 citationsOpen Access

Has India Decoupled From the G7?

RPRakesh Padhan

Key Points

  • The study assesses whether India has decoupled from the G7 economies from 1996 to 2024.
  • Analyzed data from 1996Q2 to 2024Q3
  • Used correlation coefficients to measure relationships
  • Applied Euclidean distance-based decoupling index
  • Conducted OLS regression for comprehensive analysis
  • Evidence of incomplete decoupling between India and G7 countries
  • India maintains strong economic ties with Canada and the US
  • Decoupling hypothesis rejected for most G7 countries, except Italy
  • Observed increase in decoupling post-global financial crisis

Abstract

We examine the decoupling hypothesis for India from the G7 during 1996Q2–2024Q3. Using the correlation coefficient, Euclidean distance-based decoupling index, and OLS regression, we find: (1) evidence of incomplete decoupling; (2) India cannot be completely decoupled from the G7; (3) India shows strong coupling with Canada and the US; (4) the decoupling hypothesis is rejected except for Italy; and (5) decoupling has increased in the aftermath of the GFC.

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Cite This Study

Rakesh Padhan (2026) studied this question.

synapsesocial.com/papers/699e918df5123be5ed04f28ahttps://doi.org/10.46557/001c.155414
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