About G7

• The Group of Seven (G7) is a collective of seven of the world’s most industrialized and developed economies. Their political leaders come together annually to discuss important global economic, political, social and security issues.
• The G7 member countries are the United States, Britain, France, Japan, Germany, Italy, and Canada. 
• Russia belonged to the forum from 1998 through 2014, when the bloc was known as the G8, but was suspended following its annexation of Crimea.
• India is not a member of the G-7 grouping.

Why in News?             

• The G7 group of countries has announced an attempt to compete with China’s formidable Belt and Road Initiative by raising $600 billion for global infrastructure programmes in poor countries.
• The Partnership for Global Infrastructure and Investment aims to fill a huge gap left as communist China uses its economic clout to stretch diplomatic tentacles into the furthest reaches of the world.
• Unlike China’s state-run BRI initiative, the proposed G7 funding would depend largely on private companies being willing to commit to massive investments and is therefore not guaranteed.

Reference:

1. https://www.newindianexpress.com/world/2022/jun/27/g7-touts-usd-600-billion-global-infrastructure-plan-to-rival-china-2470045.html