[Task]: Drop support for Python 3.7

[AnandInguva]

What needs to happen?

Python 3.7 will be sunset on June 27th, 2023(https://endoflife.date/python). Filing an issue to track the drop.

This can be a target for the release 2.49.0. The release cut takes on ~ June 14th, 2023.

Issue Priority

Priority: 2 (default / most normal work should be filed as P2)

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