The Civil Analyst

Recently, there was a call for expansion of the G-7 membership by the U.S. President as well as British Prime Minister. Though the expanded group looks like an anti-China grouping but the actual motive of the expansion is to discipline China and not isolate it. (You can also read the Changing Global Order to understand the issue clearly)   Evolution of the G-7 It was formed in the year 1975 with six members, namely the United States, the United Kingdom, Italy, Germany, France and Japan, Canada joining a year later. When it was formed it  represented about 70% of the world economy, today it accounts for about 40% of world GDP. It was formed with a common motive of tackling issues such as the response  to oil shocks. G20 which was formed after the global financial crisis of 2007-09 has overshadowed the G-7. G-7 was for some period of time was called G-8 when Russia joined the group in 1997, but in 2017 it was debarred from the membership when it annexed Crimea. Past attempts

When entire country is under lockdown due to the pandemic COVID19, there is something to cheer about for India. India’s foreign exchange reserves are rising and are expected to hit the $500 billion mark soon. In the month May, it jumped by $12.4 billion to an all-time high of $493.48 billion. Leaving behind the 1991 crisis Many youngsters are not aware of the Forex crisis of 1991, when India had to pledge its gold reserves to escape a major financial crisis. India can now confidently depend on its soaring Forex reserves to tackle any crisis on the economic front. There has been a massive increase of 8,400 per cent in the level of Forex from $5.8 billion as of March 1991 to the current level. What are Forex Reserves? Reserve Bank of India Act and the Foreign Exchange Management Act, 1999 has been enacted to set the legal provisions for governing the foreign exchange reserves in the country. The Central Bank of the country accumulates foreign currency reserves by purchasing fro