'China is India's primary strategic challenge, which will not go away.
Echoing Prime Minister Narendra Modi's views that improving the health of financial markets alone cannot fuel growth, G20 business leaders on Friday said vigorous efforts should be made to go beyond fiscal and monetary policy to kickstart world economy and create jobs.
Capital flows into India this fiscal year have been the highest in the country's history.
The G-20 alliance of developing countries led by India and Brazil is likely to come up with "better" proposals at its meeting in Geneva this week as chances of a global trade deal on WTO's Doha Round brighten. Nath said members of the G-20 wanted to recognise some of the sensitivities of developed countries as long as their own concerns of livelihood and food security are taken on board.
China became the 56th signatory to the agreement by signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. With this all the G20 nations, including India, have become official partners to combat the menace of tax crimes and evasion across international borders.
India has undertaken a number of structural reforms.
The two-day G20 Summit saw the Indian side making "significant contributions" on resolve to counter terrorism and boost global trade and investment.
India on Tuesday told the UN General Assembly that the days when a few nations set the agenda and expected others to fall in line are over, underlining that its presidency of the G20 sought to focus on key concerns of the many, not just the narrow interests of a few.
When S Jaishankar became India's external affairs minister in May 2019, he was largely considered a political lightweight despite his undisputed mastery over foreign policy.
A multi-layer security arrangement involving five companies of paramilitary personnel, NSG commandoes and snipers have already been deployed around the Rashtrapati Bhawan. Drone cameras have also been put into service.
Taking on board India's concerns, the G-20 Summit on Friday acknowledged that excess volatility of financial flows and disorderly movements in exchange rates can affect economic and financial stability of emerging markets and called for sound policies to address it.
The Group of 20 countries, or G20, would play a steering role in the post-crisis world, giving the global economy a definitive character and preventing a retreat from globalisation, said Pulitzer Prize-winning author and investment manager Liaquat Ahamed.
Prime Minister Narendra Modi and US President Joe Biden are set to hold bilateral talks on Friday evening with a focus on further solidifying the India-US comprehensive global and strategic partnership.
Describing India as a "part of the solution", US President Barack Obama on Monday said the burning issue of international trade imbalance will be discussed by global leaders at the G-20 meeting in Seoul next week.
Prime Minister Narendra Modi said some countries still use terrorism as "an instrument of state policy" and the world must act against radicalisation without any political consideration
Global rating agency Moody's on Monday raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. India's real GDP expanded 8.4 per cent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 per cent growth for full-year 2023. Capital spending by the government and strong manufacturing activity have meaningfully contributed to the robust growth outcomes in 2023, Moody's Investors Service said.
Acknowledging that effective taxation of mobile income is a key challenge, G20 leaders including Prime Minister Manmohan Singh on Friday vowed to take steps to change rules to tackle tax avoidance, harmful practices and aggressive tax planning.
Prime Minister Manmohan Singh said, "I do not claim victory. These are ideas which are under discussion in various fora. The sherpas have been discussing these ideas and it is a process of give and take. But I do claim some credit that in my speech, I brought the development issue into the very forefront of sustainable, manageable growth process."
Biden has been under attack from his opponents and the Republican Party for his immigration policies as hundreds and thousands of illegal immigrants enter the United States every month.
US President Barack Obama would meet Prime Minister Manmohan Singh on the sidelines of the G-20 Summit in Toronto, a top Indian official said Wednesday. "The Prime Minister would be traveling for the G-20, he will be meeting President Obama," Union Minister of Commerce and Industry Anand Sharma told Indian media-persons in Washington.
Paris attacks took the centre stage at the G20 Summit on Sunday with Prime Minister Narendra Modi calling for a united global effort to combat terrorism as world leaders joined a clarion call to eliminate ISIS network.
India on Saturday favoured greater mobility of skilled labour
Trudeau said that there was a commitment to work together with India to deal with some "very important issues".
Modi said New Delhi has emphasised on dialogue and diplomacy along with restraint to deal with the situation arising out of the Hamas-Israel conflict.
Modi regretted that the international response to terrorism was weak and said more cooperation was needed to fight the menace.
Canada has decided to rope in its content solution company, OpenText, to do a 'Facebook' on the negotiators.
Pakistani-American businessman Sajid Tarar said like India, Pakistan also needs strong leadership to handle political instability and economic issues.
Highlighting the need to arrive at a "balanced package" at the forthcoming Hong Kong Ministerial, the group of 20 leading economies of the world on Friday
Modi said this is the time for peace and brotherhood, and time to move forward together.
The possibility of a meeting between United States President Barack Obama and Prime Minister Manmohan Singh during the G-20 Summit in Los Cabos, Mexico, is not being ruled out, days after the two leaders agreed to work together to address the faltering global economy and the painful Eurozone crisis.
PM Modi to travel to Vietnam before going to China to attend G20 summit.
Canada on Monday said the earliest possible departure of Prime Minister Justin Trudeau and his delegation from the national capital is Tuesday late afternoon and that the country's armed forces are continuing with their best efforts to bring them back home.
The new Cabinet member says growth cannot come unless all sectors of the economy -- agriculture, manufacturing and services -- expand.
The leaders from the US, UK, France, China and others reached a historic agreement to put the group at the centre of their efforts to build a roadmap for durable recovery, avoiding the financial fragilities that led to the crisis.
'You can see both being used in our textbooks already and that will continue in new textbooks'
Prime Minister Manmohan Singh arrived in New Delhi after attending the G-20 summit in Pittsburg in the US, during which leaders of the world's richest and most influential countries resolved to continue the stimulus for the recession-hit global economy.
The Indian mrime minister supported a new global standard on automatic exchange of tax information
The G-20, a group of developing countries including India, on Friday dismissed as "unacceptable" a 'blended formula' of tariff reduction in agriculture, proposed by the United States and the European Commission.
In view of the austerity measures, the Prime Minister's delegation for G-20 Summit in Pittsburg in the US has been pruned a bit. At least two officials and three members of the official media have been dropped from the delegation that will leave for the four-day visit on Wednesday, official sources said in New Delhi on Tuesday.
In a statement before leaving for London to participate in the meeting of world leaders to discuss the economic meltdown, Singh also focussed on the need to ensure adequate flows of finances to the developing countries to overcome the reversal of international capital flows.
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