G8 has just two great economic powers right now, Japan, Germany.
Then there are hanger ons like Britain, USA, Italy ( only technoloy they have is pizza), and France. These countries don't have much natural resources either.
Then there are Russia and Canada- great natural resources.
China, a giant in the making is out and so is India. The economies of these two countries are much bigger than projected in the western media obviously to continue with facade of colonial supremacy.
Japan and Germany both are moving away from forging new relations with China and Russia respectivley.
G8 is an empty vessel whihc will some voice but they can not prevent the financial center of gravity mocing towards east, mainly China. that is the reason, US wants to trap India--so that Indians can do the 'dying' for American goals and destroy both India and China. China has seen this game--but India has not.