Context: Prime Minister Boris Johnson has invited his Indian counterpart Narendra Modi for the G7 summit as he confirmed details on Sunday for the high-level meeting to be presided over by Britain in the coastal region of Cornwall between June 11 and 13. Johnson had extended an invitation to Modi during a phone call last year when India was chosen alongside South Korea and Australia as guest countries of the multilateral summit. The invitation was made formal on Sunday. Johnson also reiterated his plan to visit India ahead of the G7 summit, after a scheduled visit for Republic Day this month was called off due to the coronavirus crisis. The Group of Seven or G7 – which is made up of the UK, Canada, France, Germany, Italy, Japan and the US – is dubbed as an open forum where the world’s most influential and open societies are brought together for close-knit discussions, with the pandemic likely to dominate this year’s talks.
Background

• The proposed summit will be the first in-person G-7 summit in almost two years, as it will be held in the English region of Cornwall.
• Besides India, Australia and South Korea have also been invited as guest countries as a testament to UK’s commitment to ensuring multilateral institutions better reflect today’s world.
• The Indian Prime Minister had attended the G-7 summit in Biarritz in France in August 2019 and was also invited for the 2020 summit hosted by the US (could not take place due to the pandemic).
• The UK was the first P5 member to support a permanent UN Security Council seat for India and the first G7 member to invite India to a G7 Summit in 2005.

Evolution of the G-7

• When it started in 1975—with six members, Canada joining a year later—it represented about 70% of the world economy.
• And it was a cosy club for tackling issues such as the response to oil shocks.
• Now it accounts for about 40% of global GDP.
• Since the global financial crisis of 2007-09, it has sometimes been overshadowed by the broader g20.

Significance of G7 for India

• India will get more voice, more influence and more power by entering the G7.
• After the UN Security Council (UNSC), this is the most influential grouping.
• If the group is expanded it will collectively address the humongous issues created by the Wuhan virus,
• Diplomatically, a seat at the high table could help India further its security and foreign policy interests, especially at the nuclear club and UN Security Council reform as well as protecting its interests in the Indian Ocean.

About G7

• The G7 includes UK, Canada, France, Germany, Italy, Japan, the USA and the EU.
• It is the only forum where the world’s most influential and open societies and advanced economies gather for discussions.
• It is an intergovernmental organisation that was formed in 1975 by the top economies of the time as an informal forum to discuss pressing world issues.
• The G-7 was known as the ‘G-8’ for several years after the original seven were joined by Russia in 1997.
• The Group returned to being called G-7 after Russia was expelled as a member in 2014 following the latter’s annexation of the Crimea region of Ukraine.

Significance of India’s participation in G7 Summit

• The G7 has long been the catalyst for decisive international action to tackle the greatest challenges because it is the most prominent grouping of democratic countries.
• The UK proposes to use the G7 Presidency to unite leading democracies to help the world build back better from Covid toward a greener and more prosperous future.
• It aims to address shared challenges, from beating coronavirus and tackling climate change, to ensuring that people everywhere can benefit from open trade, technological change and scientific discovery.
• The cooperation between the U.K. and India is significant as India is a non-permanent member at the UN Security Council, where the United Kingdom will take over the presidency.
• India will play a key role driving in multilateral cooperation helping to build back better around the world as current president of Brazil-Russia-India-China-South Africa (BRICS) and G20 president in 2023.
• The United Kingdom plans to use the G7 Summit to intensify cooperation between the world’s democratic and technologically advanced nations.

What criticisms have been made of the G7?

• G7 gatherings tend to attract thousands of protesters. Many protesters claim the G7 – which has no representative from any African, Russian or Middle Eastern nation – is completely outdated.
• Protest groups also use the worldwide platform as a stage to lobby and campaign on issues that are important to them.
• G7 leaders are creating a wide gap between the ‘haves’ and the ‘have-nots’ both in their countries as well as across the globe, according to a new report published by non-profit Oxfam International. As a result, they are making the fight against alleviating poverty more difficult, claimed the report.

How can it be made more effective?

• Work towards implementing tax models for the rich individuals and corporations to pay their fair share of tax.
• Consider how new and existing wealth taxes could be used as a tool to fight poverty and inequality.
• Invest in healthcare and education and provide aid to developing countries.
• Work towards limiting greenhouse gas emissions down to zero well before mid-century.

G7 Vs G20

• Members: The G20 is a larger group of countries, which also includes G7 members.
• Apart from the G7 countries, the G20 comprises Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.
• Share in Global Economy: The G20 countries make up around 80% of the world’s economy. G7’s share in global GDP has fallen to around 40%.
• Range of Issues: As opposed to the G7, the G20 discusses a broad range of issues including those concerning the global economy and financial markets.

Road Ahead

• The invitation to join the G7 come june 2021 is a continuation of our Covid-19 diplomacy and India has shown out the way as far as fighting the pandemic is concerned and democracies around the world want to ensure that they can take India's technical capabilities as far as manufacturing vaccines are concerned forward and that's why we seeing more countries are coming closer towards India as far as G7+ 3 or G10. They should keep the Indo-Pacific at the centre and ensure that they work on connectivity and infrastructure projects by ensuring that the best comes out of that too and Let's not forget that this should not be seen as a confrontation to take on China but like-minded countries coming together to bring out the best.