Perspective: PM to Attend G7 Summit | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

50th G7 Summit Highlights

• Recently, the 50th G7 Summit took place in Italy, with the Indian Prime Minister participating as an outreach country.

Key Highlights of 50th G-7 Summit

Main Initiatives:

• Leaders agreed to promote concrete G7 PGII initiatives, aiming to mobilize USD 600 billion by 2027 for infrastructure projects in developing and middle-income countries.
• G7 committed to supporting initiatives like the India-Middle East-Europe Economic Corridor, Lobito Corridor, Luzon Corridor, and Middle Corridor.
• G7 leaders pledged to enhance interoperability of their AI governance approaches for greater certainty, transparency, and accountability.

Outreach Session:

• Host country Italy invited 11 countries, including India, for an outreach session focusing on Artificial Intelligence, Energy, Africa, and the Mediterranean region.
• India advocated for the responsible use of technology for the benefit of society and emphasized the importance of AI for all.

Bilateral Dialogues

India-Italy:

• Discussions centered on strengthening bilateral strategic partnership and cooperation in global fora.

India-Japan:

• Both countries emphasized the significance of their ties for the Indo-Pacific region and agreed to enhance Business to Business (B2B) and People to People (P2P) cooperation.

India-Ukraine:

• Discussions focused on enhancing bilateral cooperation and addressing the situation in Ukraine.

Opportunities for India at the Summit

India as Strategic Pivot:

• India's strategic importance stems from its population, democracy, market size, and economic standing compared to some G-7 countries.

India as Voice of Global South:

• India represents the interests of the global south, advocating for issues like climate change and energy security.

Economic Opportunities:

• India is a favorable investment destination with a stable economy and political climate.

Addressing Global Challenges:

• India can contribute to global solidarity on challenges such as climate change and cybersecurity.

Challenges Associated with G7

Elite Men's Club:

• G-7's focus on developed nations' priorities raises concerns about inclusivity and cooperation with developing countries.

Subtle Shift of Power:

• The G-20's relevance has increased compared to G-7, indicating a shift in addressing global issues.

Expansion of G-7:

• Including countries like India poses challenges due to differences in economic development.

Informal Group:

• G-7's informal nature limits its decision-making authority.

Way Forward

Diplomacy and Dialogue:

• India can bridge the gap between developed and developing nations through moderation and responsibility.

Symbolic and Substantive Significance for India:

• India's participation holds importance symbolically and substantively due to its partnerships with G7 countries.

Reforming G-7 Approach:

• There is a recognized need to reform the G-7's approach to effectively address global challenges.