India's participation, alongside China, Brazil, Russia and South Africa, will be its first ever in a G7 meeting.

The G7 is increasingly interested in India because the country's economic clout, from back-office outsourcing to demand for resources, is growing rapidly, analysts say.

"The Indian economy is not an economy you can ignore anymore," said Pronab Sen, economist with India's Planning Commission, which advises the government on economic policy.

The economy, already larger than Australia, Brazil, Russia, or Sweden, has grown at an average of 6 percent since reforms began in 1991 and is forecast to expand a further 6.5 to 7.5 percent in the current fiscal year, to March 31.

Exports are booming, building up foreign reserves that global rating agency Standard & Poor's cited on Wednesday when it raised its rating on India's foreign currency debt to just one notch below investment grade.

India, in turn, has a range of items it wants from the rich world: market access, free movement of labour and free movement of services.

New Delhi will also be eyeing diplomatic advantages, advancing its campaign for recognition as a major power and especially or a permanent seat in the UN Security Council.

"For India, there has been an aspiration to have a global profile be it political, economic or strategic issues," said C Uday Bhaskar, head of strategic think-tank Institute of Defence Studies and Analysis.