PM Narendra Modi at G7: Given the recent shifts in global power, the G7 is a club of Western nations (with Japan granted that status as an ally of the West and a major economy) that have dominated the world and its institutions, sometimes for centuries. They still aspire to maintain that position by coordinating their policies and co-opting rising powers like India.
The G7 realized they needed a larger international cooperation, but one that would fall under their purview, in order to handle the 2008 financial crisis. In light of this, the G20 forum—which had previously been at the finance minister level—was elevated to the summit level.
However, the aims and interests of the developing nations—now known as the Global South—are becoming more and more prominent on the G20 agenda.<