Too much review time and the related actions We have submitted an article in a finance journal ( ABDC rank A) more than one year ago. After around 6 months they sent us the review of two reviewers where one reviewer reject the paper with few correction suggestions and another gave relatively good comments with additional correction suggestions. Hence the editor asked for revise and resubmission and also mention that if we comply with the reviewer's comments, he will personally read that article. Accordingly, we revise and resubmit that paper. It has been 7 months since our resubmission and they still do not give any feedback. Since I am a Ph.D. student, such a long review process is hurting my Ph.D. process. Can anyone suggest me what should be my action in this regard? Should I send the editor an email? If the editor does not respond even after that email, should I withdraw that paper from that journal?
If you haven't heard anything for seven months it is certainly time to send the editor an email and ask for a status update. There might be valid reasons for a long delay, but it has been a long time. 

Don't threaten to withdraw, as it will probably have no positive effect, but you can certainly say that the delay is affecting your prospects of completion. 

But only withdraw if you have a better option. Starting over in the process with another journal may be good or bad and I can't guess which.