G-7 A Potential Prospect For India
Extraordinary and Plenipotentiary Diplomatist|June 2021
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
G-7 A Potential Prospect For India

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.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM EXTRAORDINARY AND PLENIPOTENTIARY DIPLOMATISTView all
THE WOLF ECONOMY AWAKENS
Extraordinary and Plenipotentiary Diplomatist

THE WOLF ECONOMY AWAKENS

Mongolia's Fight for Democracy, and a Green and Digital Future

time-read
1 min  |
June 2024
DESTINATION Kenya
Extraordinary and Plenipotentiary Diplomatist

DESTINATION Kenya

Background - My interest in visiting Kenya began on December 3, 2016, when the Kenya Tourism Board organized the Magical Kenya Open Golf Tournament in Delhi. The event, by invitation only, attracted many notable figures from Delhi NCR, and I was fortunate to be one of the winners. Along with a beautiful trophy, the prize included a trip to Kenya to play three rounds of golf in Nairobi and visit the renowned wildlife sanctuaries of Kenya.

time-read
5 mins  |
June 2024
THE POLITICAL LESSONS FROM THE MAHABHARATA
Extraordinary and Plenipotentiary Diplomatist

THE POLITICAL LESSONS FROM THE MAHABHARATA

The word 'politics' always inflicts a sense of excitement as well as resentment amongst the public at large. Often people irrespective of gender or age are found commenting upon the dynamics of politics and the way it has taken shape over the years.

time-read
4 mins  |
June 2024
UNIVERSAL HEALTH INSURANCE: TRANSFORMING TANZANIA'S HEALTHCARE SYSTEM
Extraordinary and Plenipotentiary Diplomatist

UNIVERSAL HEALTH INSURANCE: TRANSFORMING TANZANIA'S HEALTHCARE SYSTEM

Tanzania, a country known for its rich cultural heritage and breathtaking landscapes, is now setting a new precedent in the healthcare sector.

time-read
5 mins  |
June 2024
INDIA'S ELECTRIC REVOLUTION: LEADING THE GLOBAL THREE-WHEELER MARKET
Extraordinary and Plenipotentiary Diplomatist

INDIA'S ELECTRIC REVOLUTION: LEADING THE GLOBAL THREE-WHEELER MARKET

Globally, long-term EV growth is expected to lower battery prices and advance next-generation battery technology, enhancing the economic viability of electric vehicles. According to a BNEF report, the three-wheeled vehicle segment is on track to reach net zero emissions by mid-century, with India's growth positioning it as a global leader.

time-read
4 mins  |
June 2024
INDIA'S STRATEGY TO SCALE UP GREEN HYDROGEN PRODUCTION
Extraordinary and Plenipotentiary Diplomatist

INDIA'S STRATEGY TO SCALE UP GREEN HYDROGEN PRODUCTION

India's first multi-purpose green hydrogen pilot project at 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Himachal's Jhakri was inaugurated on April 24 this year.

time-read
4 mins  |
June 2024
"Vietnam-India comprehensive strategic partnership has made progress"
Extraordinary and Plenipotentiary Diplomatist

"Vietnam-India comprehensive strategic partnership has made progress"

In an interview with Diplomatist Magazine, Mr. Le Quang Bien, Consul General of Vietnam in Mumbai, provides perspectives on the burgeoning Vietnam-India relationship, particularly focussing on trade, investment, tourism, and renewable energy sectors. With Vietnam's emergence as a pivotal manufacturing hub in Southeast Asia and India's robust technological prowess, he highlights the promising avenues for collaboration in manufacturing, technology, and agriculture. Mr. Bien also sheds light on Vietnam's rich cultural and natural attractions, emphasising the Consulate General's efforts to promote tourism and culinary exchange in Mumbai.

time-read
9 mins  |
June 2024
THE EVOLUTION OF MINILATERALS: CATALYSTS FOR STRATEGIC COOPERATION IN THE INDO-PACIFIC
Extraordinary and Plenipotentiary Diplomatist

THE EVOLUTION OF MINILATERALS: CATALYSTS FOR STRATEGIC COOPERATION IN THE INDO-PACIFIC

The current set of multilaterals, collectively or individually are facing a challenge in achieving four objectives of the largest multilateral institutions, the United Nations viz, \"maintaining international peace and security, protecting human rights, delivering humanitarian aid and support sustainable development\", owing to rising great power competition, unbridled competition among regional powers and unprecedented challenges in the Global North and the Global South.

time-read
4 mins  |
June 2024
NAVIGATING THE CROSSROADS: VISION FOR EUROPE'S FUTURE
Extraordinary and Plenipotentiary Diplomatist

NAVIGATING THE CROSSROADS: VISION FOR EUROPE'S FUTURE

\"Europe will not be made all at once, or according to a single plan. It will be built through concrete achievements which first create a de facto solidarity.\" Jean Monnet - The Father of the European Union.

time-read
2 mins  |
June 2024
ECONOMIC REFORMS AND GROWTH PROSPECTS: INDIA'S AGENDA FOR THE GLOBAL ECONOMY
Extraordinary and Plenipotentiary Diplomatist

ECONOMIC REFORMS AND GROWTH PROSPECTS: INDIA'S AGENDA FOR THE GLOBAL ECONOMY

India's economy is of global importance with a large young population and an open and democratic political system. It is already the third-largest economy and contributor to global economic growth, yet there is considerable untapped potential.

time-read
4 mins  |
June 2024