PM Modi in Italy for G7 Summit 2024 | UPSC Current Affairs 2024 #upsc #shorts

India has been specially invited to attend the G7 meeting despite not being a member of the grouping.

Why has India been invited?
– With a GDP of $3.94 trillion, India boasts an economy larger than four G7 members.
– India plays a crucial role in the Indo-Pacific region countering Chinese dominance.

What is the G7 Summit?
– The G7 originated from a 1973 meeting of finance ministers and central bank governors in Paris, France.
– This meeting was convened in response to major economic challenges of at time – an oil crisis, rising inflation and collapse of the Bretton Woods system.
– Currently its members include: France, United States, United Kingdom, Germany, Japan, Italy, and Canada, and the European Union.

How relevant is it today?
– The G-7’s share of global GDP is around 47% and only five—the US, Germany, Japan, UK, and France are among the top 7 global economies, while Italy and Canada have been upstaged by China and India.

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