A Chewing Gum? Toothpaste could also work.
A Chewing Gum.
X is a 7 letter word,
X is impossible 4 GOD,
new babies like X better than milk,
the poor have X and the rich look for X from the poor,
if u eat X u will die,
X is more important than your life.
I swear if I will give u X if u get the answer.
Think laterally to replace each word and come up with a better known phrase or saying. For example: "erasure group" would be "rubber band".
I am a word of five letters!
The more I am in Peoples life better their life would be
If u remove my 1 letter i will be one of the name of krishna
If u remove my first 2 letters i will be form of conjunction
If u remove my last 4. letters i m vowel