Everything about G7: Group of Seven

G7 is an international intergovernmental economic organization consisting of 7 major and developed nations, that are Japan, Canada, France, Italy, the United Kingdom, the United States and Germany. These all are advanced economies of the world by IMF.
As of 2018, These seven countries represent 58% of Global Net Wealth (317 trillion USD) and more than 32% of GDP by purchasing power parity and 46% of total GDP by nominal values. The annual G7 summit include 7 head of states meeting with each other. The European Union is an invitee to G7.
HISTORY:

On 25 March 1973, the US secretary of treasury, held an informal meeting with finance ministers from West Germany Helmut Schmidt, France Valery Giscard  d'Estaing and the United Kingdom Anthony Barber in the library at ground floor of the White House. Initially they were known as 'Library Group'. In 1973, at World Bank-IMF meeting, Schmidt proposed Japan to join the group. Then senior financial officer of five nation came to be known as "Group of Five".
There were many internal political disturbances in all the countries.

In 1975, France hosted Summit in which six nations participated including Italy. Annual meetings of six leaders was organized under a rotating presidency, forming the "Group of Six". As the need for more experienced English speaker raised, Prime Minister of Canada, Pierre Trudeau, which was next largest economy was invited to join the Group and the group came to be known as "Group of Seven".
Russian officials held separate meeting with leaders of G7 after 1994 summit at Naples. On the invitation of Prime Minister of the United Kingdom, Tony Blair and President of the United States, Bill Clinton, Russian president Boris Yeltsin was invited first as observer and later as full participant.

Russia was invited to attend meeting officially in 1998 and new governmental forum was renamed to "Group of Eight"
In March 2014, Russia was ejected from G8 forum because of annexation of Crimea.
In 2020, US president Donald Trump advocated Russia to join G7 again and invited Australia, India and South Korea to join.
MOTIVE:

This organization was created in response to collapse of exchange rate in 1971, during the time of Nixon Shock, the 1970s energy crises and the ensuing recession.
TILL NOW G7:

• Since 1975, group member nations' head meet annually to discuss economic policies. Since 1987, the financial ministers of G7 met semi annually, up to four times a year in stand alone meetings.
• In 1996, G7 announced initiative for 42 heavily indebted poor countries.  
• In 1997, G7 announced 300 million USD toward the build of containment of the reactor meltdown at Chernobyl.
• In 1999, G7 decided to get involved in "managing the international monetary system" through the Financial Stability Forum.
• In 2008, heads of states met twice to discuss the global financial crisis of 2007-2008.

INVITATIONS:

French President Emmanuel Macron, the host of G7 summit held in Biarritz in August 2019 invited non-member countries which include Australia, Chile, Egypt, India, Iran, Rwanda, Senegal, South Africa and Spain.

CONTROVERSIES:

• Russia was ejected and suspended from group due to annexation of Crimea.
• In 2018, there was a conflict between USA and Russia due to sanctions imposed.
• The G7 announced 20 million USD for Brazil forest fire, which in view of critics is very little sum.