G 7

Source: The Indian Express

Prime Minister Narendra Modi is in Germany to attend the Group of Seven (G7) Summit at Schloss Elmau, a Century-old retreat in a nature reserve in the Bavaria Alps.
He is expected to speak in two sessions that include Environment, Energy, Climate, Food Security, Health, Gender Equality and Democracy.
He will also hold a bilateral meeting with the leaders of some of the participating countries.

The G-7 is an informal forum of leading industrialised nations: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Representatives of the European Union are always present at the annual meeting of G7 heads of state and government.
Germany holds the G7 Presidency in 2022.
German Chancellor Olaf Scholz has invited India along with Argentina, Indonesia, Senegal and South Africa to the 2022 summit as Partner countries.
Ukrainian president Volodymyr Zelenskyy will take part virtually on June 27.
The United Nations, the WHO, the World Trade Organisation (WTO), the IMF and the World Bank are also participating in the summit.

The G7 Germany website says the first "World Economic Summit", which later became the G7, was launched in 1975 by a former French President and the Federal Chancellor.
The heads of the state and government of Germany, France, Great Britain, Italy, Japan and the US are a group of six who met for a fireside chat at Rambouillet Castle in France.
The participants exchanged ideas on the economic problems of the 1970s.
The first oil crisis and the collapse of the system of fixed exchange rates (Bretton Woods) and agreement on international economic policy and initial measures to fight the global downturn.

In 1976, Canada was added to the group and the first G7 met in Puerto Rico.
The first talks between the European Community and the G7 took place in London in 1977.
Since the Ottawa Summit of 1981, the European Community (now the European Union) has been part of all working sessions.

In the 1980s, the interest of the G7 expanded to include foreign and security policy issues.
In 1998, the Group of Eight was Constituted as Russia became a member.
Russia was thrown out of the group after it violated Ukraine's sovereignty and territorial integrity in 2014.

As of 2022, G7 Countries make up 10 per cent of the World's Population, 31 per cent of global GDP and 21 per cent of global carbon dioxide emissions according to the Summit website.
China and India, the most populous countries with among the largest GDP figures in the World are not part of the grouping.
In all G7 countries, annual public sector expenditure exceeded revenue in 2021.
Most G7 countries also had a high level of gross debt, especially Japan (263 per cent of GDP), Italy (151 per cent) and the US (133 per cent).

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