Recognising the risk of economic slowdown and weakening trade posed by protectionism, the G-20 has decided to extend until the end of 2016 its standstill commitment to further progress in removing barriers and impediments to global trade and investment. In a 27-page declaration adopted at the end of the two-day Summit in Moscow, the group of 20 industrialised and major emerging economies also reaffirmed its commitment to roll back new protectionist measures. "With these commitments, we stress the importance of further curbing protectionism through the WTO," the G-20 Leaders' Declaration said. The G-20 called on all WTO members to show the necessary flexibilities to bridge existing gaps and deliver positive and balanced results at ninth WTO ministerial conference in Bali in December on trade facilitation and some elements of agriculture and development issues. "This would be a stepping stone to further multilateral trade liberalisation and progress in Doha Development Agenda negotiations, providing new confidence in successful post-Bali negotiations," the declaration said. The declaration committed itself to cooperate to ensure that policies implemented to support domestic growth also support global growth and financial stability and to manage their spillovers other countries. The Summit also shared Prime Minister Manmohan Singh's views on the need for orderly exit from the monetary stimulus undertaken in the context of 2008 economic crisis. "In the five years since we first met, coordinated action by the G-20 has been critical to tackling the financial crisis and putting the world economy on a path to recovery. "But our work is not yet complete and we agreed that it remains critical for G-20 countries to focus all our joint efforts on engineering a durable exit from the longest and most protracted crisis in modern history," the declaration said. It noted that the most urgent need is to increase the momentum of the global recovery, generate higher growth and better jobs while strengthening the foundations for long term growth and avoiding policies that could cause the recovery to falter or promote growth at other countries' expense.
Biden told reporters in Hanoi in the Vietnamese capital that he also raised the importance of respecting human rights with Prime Minister Modi.
In his first visit to the valley after becoming the prime minister for the third consecutive term, Modi emphasised the importance of enabling the people of Jammu and Kashmir to elect their representatives for the assembly.
Sukhu met Modi and discussed various issues related to Himachal Pradesh during the G20 dinner hosted by President Droupadi Murmu on Saturday.
The minister said this underlying resentment and pain of those countries regarding the global economy was building up for the last 15-20 years and the COVID-19 pandemic and the Ukraine conflict resulted in prices of energy and food items going up.
Reaffirming the central role of the Group of 20 member nations in combatting and neutralising the impact of the global fiscal crisis, leaders of Brazil, Russia, India and China (BRIC) on Thursday said the grouping is the right forum for resolving the crisis.
Fed stimulus withdrawal eyed, clarity sought from China
Two days ago, the Chinese foreign ministry following a meeting between NSA Ajit Doval and top Chinese diplomat Wang Yi in Johannesburg claimed that Xi and Modi had reached an 'important consensus' on stabilising bilateral ties at the interaction on the margins of the G20 Summit last November.
The Ukraine conflict and Chinese activities in the Indo-Pacific region figured in last week's talks between Prime Minister Narendra Modi and French President Emmanuel Macron, and both sides have similar views over the two issues, sources said on Monday.
The visit of Prime Minister Manmohan Singh worked. On conclusion of his short trip to Pittsburgh to attend the G-20 summit, he was in upbeat mood.
The Group of 20 nations has welcomed the strategies by member countries to phase out oil subsidies -- a bold move followed by India that only on June 25 raised petrol, diesel and cooking fuel prices.
US President Barack Obama on Tuesday called up Prime Minister Narendra Modi to greet him on Diwali and they agreed to meet in Turkey on the sidelines of the G20 Summit to be held early next week.
Among the Sensex firms, Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle and Mahindra & Mahindra were the major gainers. Bajaj Finance and Larsen & Toubro were the laggards.
India needs to grow at an annual rate of 9-10 per cent for around three decades and constant innovations to become a $35 trillion economy by 2047, India's G-20 Sherpa and former NITI Aayog CEO Amitabh Kant said on Sunday. "We are the fifth largest economy in the world and by 2027 we will surpass Japan and Germany to become the third largest economy in the world. "And our aim is that by the time we turn 100 in 2047, India should be a $35 trillion economy," Kant said while addressing a session at Mumbai Tech Week (MTW) hosted by Tech Entrepreneurs Association Mumbai (TEAM).
Mukherjee advised European and American policymakers to follow regulatory mechanism on the lines of the Indian banking system.
Father Dias met Biden during a 30-minute holy communion service for the US president at a hotel where he was staying in New Delhi on Saturday, ahead of the G20 summit.
Prime Minister Manmohan Singh has urged the G20 nations to send a strong message to control the 'serious problems' of tax evasion and illicit flows that have grave bearing on the developing nations' future.
The other key issues to be taken up at the summit, which is expected to be attended by Prime Minister Narendra Modi, will include raising the global GDP by an additional 2 per cent in the next five years and boosting infrastructure sector funding.
"Our position on the entire Union territory of Jammu and Kashmir being an integral part of India is well known. We would urge the international community to respect our sovereignty and territorial integrity," Bagchi said when asked about Blome's visit.
The United States will host the next G-20 Summit on September 24 and 25 in Pittsburgh, Pennsylvania, in which global powers, including India, will participate, the White House announced on Friday.
The new French President Francois Hollande has pledged to continue France's strategic partnership with India with same vigour as his predecessors Jacques Chirac and Nikolas Sarkozy who belonged to rival parties.
India too will advocate the IMF quote reforms at the two-day meeting of G20 Finance Ministers and Central Bank Governors beginning Saturday.
The first-ever meeting of Labour Ministers from G-20 countries, including India, that began here on Wednesday has stressed on the need to create new jobs and preservation of the existing ones as the working class across the globe are among most hit by the current global economic crisis.
Former Reserve Bank Governor Raghuram Rajan said India will still remain a lower middle country if the potential growth rate remains at 6 per cent annually without any rise in population by 2047 (Amrit Kaal) and will be reaching the end of the demographic dividend by then. Speaking at a programme organised by Manthanon on Saturday, the economist said if the country does not grow faster, it will grow older (demographically) before it gets richer, which means there is the burden of an aging population to deal with also at that point. Rajan said the GDP growth in India for the past two quarters was in the region of 7.5 per cent and if one looks at the labor force participation, it is very low and when it comes to female participation, "it is the lowest in the G20".
'It is commendable that India is able to persuade all sides.' 'It shows that India counts and finally, we are reaching a position where we can find a place in the sun at the global level.'
Observing that the world is at a crossroads now as it faces the greatest economic crisis in 60 years, the IMF managing director Dominique Strauss-Kahn said at a news conference that the G-20 leaders have the opportunity to spur a recovery next year if they take the right action.
Prime Minister Narendra Modi on Friday identified agriculture, education and health as three sectors where he believes technology can play a big role, and highlighted efforts of his government.
Hina Khan attended the G20 conference in Srinagar as a representative of the entertainment industry.
Addressing a news conference after discussions with experts on the financial crisis, Merkel spoke of her determination to work for an agreement on more stringent regulation of financial markets and to prevent financial institutions from 'blackmailing' the state.
Commenting that running a country is not a play for those born with a golden spoon, Modi said, "They have gone from Amethi and will go even from Rae Bareli."
The first of such demonstrations will be held on Saturday. It has been organised by an alliance of more than 150 unions, environment and faith groups under an umbrella calling itself Put People First.
The G20 summit has failed to heal the rift over US plans for military action against the embattled Syrian regime, as American President Barack Obama and his Russian counterpart Vladimir Putin could not reach consensus on Friday during "candid and constructive" talks.
The British prime minister, who is of Indian origin, has often emphasised his Hindu roots and said he is proud of it.
Rishi Sunak arrived in India for the first time after he took charge as the United Kingdom's prime minister on Friday, September 8, 2023.
US President Biden was invited to the Republic Day celebrations by Prime Minister Modi during the bilateral meeting on the sidelines of the G20 summit, Garcetti said.
Development issues of vital interest to India are expected to receive focused attention at the G20 Summit beginning in Cannes on Wednesday, a Ficci Paper on the B20 Working Group on Development said.
Amid imminent phasing out of the fiscal stimulus by US Federal Reserve, Prime Minister Manmohan Singh on Wednesday called for an "orderly exit" from unconventional monetary policies being pursued by the developed world for the last few years to avoid damaging growth prospects of the developing world.
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