<h4>Overview of the 50th G7 Summit</h4><p>The <strong>50th G7 Summit</strong> was recently held in <strong>Italy</strong> in <strong>June 2024</strong>. This significant event marked the <strong>50th anniversary</strong> of the Group of Seven (G7) nations.</p><p>India's Prime Minister attended the summit, making it his <strong>first foreign trip</strong> after assuming office for his third consecutive term. India participated as an invitee, highlighting its growing global stature.</p><h4>Key Outcome: Promotion of G7 PGII</h4><p>A central outcome of the 50th G7 Summit was the decision to promote concrete initiatives under the <strong>Partnership for Global Infrastructure and Investment (PGII)</strong>.</p><div class='key-point-box'><p>The <strong>G7 PGII</strong> is envisioned as a <strong>"values-driven, high-impact, and transparent infrastructure partnership"</strong>. Its primary aim is to address the significant infrastructure needs of low and middle-income countries globally.</p></div><h4>Understanding the G7 PGII Initiative</h4><p>The <strong>G7 PGII</strong> was originally launched by the <strong>United States</strong> and other <strong>G7 allies</strong> at the <strong>48th G7 Summit</strong> in <strong>2022</strong>. It represents a collective effort to bridge critical development gaps.</p><div class='info-box'><ul><li><strong>Objective:</strong> To narrow the estimated <strong>USD 40 trillion infrastructure gap</strong> in the developing world.</li><li><strong>Funding Commitment:</strong> G7 nations aim to mobilize <strong>USD 600 billion</strong> by <strong>2027</strong>.</li><li><strong>Target Beneficiaries:</strong> Infrastructure projects in <strong>developing and middle-income countries</strong>.</li></ul></div><div class='exam-tip-box'><p>For UPSC, understand <strong>PGII</strong> not just as a funding mechanism but as a strategic geopolitical tool, potentially countering other major infrastructure initiatives globally. Focus on its stated principles: <strong>values-driven, high-impact, transparent</strong>.</p></div>