G-7 A Potential Prospect For India

G-7 or markets. G-7 was formed in 1975 as a Group of Seven consists of the world’s seven largest and the most developed response to the 1973 Oil Crisis, the group, initially consisted of 6 countries reportedly, France, the United Kingdom, the United States of America, Japan, Germany (west) to restructure the world order.

- Aakriti Verma

The G-7 was officially termed when Canada joined the group in 1976. The Group was also renamed as G-8 upon the inclusion of Russia in 1998, however, Russia was expelled in 2014.

The foremost objective of the G-7 countries is to address international economic and monetary issues and help to resolve global concerns with a deeper emphasis on economic matters. Government leaders take the presidency on a rotatory basis and conduct the summits in their respective countries. Since it is a group with no official headquarters, hence not being a formal entity, thus holds no authoritative and legislative power to enforce the recommended policies.

With the evolving interactions among the national economies, it has been observed that the level of synchronicity is increasing at a faster pace, globally. The relationship that the Indian Business Cycle holds specifically with the U.S.A, U.K, Germany, and Japan have always transformed over time and these countries are also the major Investment and Trading Partners of India.

With broadening and advancing technologies, come fast pacing challenges in every field in this global era, today, the focus has shifted to a wider perspective, the leadership must be provided to manage an integrated world, and to meet today’s challenges, modern as well as upgradable structure and leadership must be provided as a solution in the form of Collective Leadership.

Collective Leadership can be described as an array of consensus among a wider group. The locale of the World Economic Activity is multi-polar including Asia and Europe. The forte of G-7 must be expanded so that the vision can be enhanced on a global platform.