News in Shorts- 13 June

G-7 Outreach Meeting

G-7

G-7 intergovernmental organisation, formed in 1975, convenes annually to address shared concerns such as global economic governance, international security, and energy policy. 

• Members: The G7 comprises the UK, Canada, France, Germany, Italy, Japan, and the US. 
  • All G7 members are also part of the G20. 
• No Charter: Unlike formal organisations, the G7 operates without a charter or a secretariat. 
• Presidency and Agenda Setting: Each year, the presidency rotates among member nations, which leads to agenda-setting. 
  • Sherpas, ministers, and envoys collaborate on policy initiatives before the summit.
• Last summit: The 49th G7 summit took place in Hiroshima, Japan.
• Participation of India: India, though not a member of the G7, participated as a guest in the 2019, 2021, and 2022 G7 summits upon invitations from France, the UK, and Germany respectively.

Inflation dip meets output rise in FY25

• Retail Inflation: Retail inflation based on the consumer price index (CPI) fell to 4.75% in May from 4.83% in April, touching the lowest in a year
• Core Inflation: Core inflation remained benign and moderated further to 3.1% in May. 
• Food Inflation: Food inflation, which accounts for nearly 40% of the overall consumer price basket, rose 8.69% year-on-year in May, compared with 8.70% in April. 
  • Reasons: Food prices have remained elevated for over a year, primarily due to last year’s uneven and below-normal monsoon rains. 
• Growth and Variations: India’s economy expanded at 8.2% in FY24, supported by a 7.8% increase in the January-March quarter. This belied fears of a slowdown as manufacturing, electricity, and construction continued to perform well.