Finance Minister Pranab Mukherjee is likely to oppose suggestions to introduce a financial transaction tax, commonly known as tobin tax.
People everywhere, consumers and investors alike, are cancelling spending plans, because the world economy seems very risky right now. The same thing happened during the Great Depression of the 1930s.
The BJP-led National Democratic Alliance's (NDA) slim majority in Lok Sabha may delay more far-reaching economic and fiscal reforms that could impede progress on fiscal consolidation, Moody's Ratings said on Wednesday. NDA securing a majority in the general elections will give a historic third term for Narendra Modi as Prime Minister of India. "We expect policy continuity, especially with regards to budgetary emphasis on infrastructure spending and boosting domestic manufacturing, to support robust economic growth.
G20 finance ministers meet in London on Friday to chart the next steps out of the global economic crisis, with calls to curb bankers' bonuses as part of beefed-up financial market rules topping the agenda.
The White House has asserted that there is a commonality in the agenda of the new Obama administration and the leading G-20 countries on the front of financial crisis, and that the US president is looking forward to the economic summit next week.
India should push the World Bank to focus on generating ideas and technology.
Prime Minister Narendra Modi has said that India's economic growth is a 'natural by-product' of his nine-year-old government's political stability, as he expressed optimism that it will be a developed nation by 2047 with 'corruption, casteism and communalism' having no place in our national life.
An influential G-20 alliance, spearheaded by India, Brazil and South Africa, on Monday mounted pressure on rich nations to substantially cut their lavish farm support in the wake of change in the world commodity prices.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022.
India on Wednesday said it hopes the G-20 nations will pay heed to its call for a strong action on the issue of black money stashed in tax havens during their crucial summit in Cannes.
The world's 20 most important finance ministers and 20 most important central bankers travelled to Washington in April from every part of the globe to accomplish, predictably, exactly nothing.
The G20 has cited India among other countries for launch of major investment initiatives and for having a sustainable growth.
On Tuesday, the current lot of G20 visitors toured three colonial landmarks in south Mumbai -- the BrihanMumbai Municipal Corporation's heritage building headquarters, the magnificent Gateway of India and the Taj Palace hotel.
The United Nations considers requests from countries to change their names as and when the world body receives them, a top United Nations official has said, amid a row over President Droupadi Murmu's G20 dinner invites referring to her as 'President of Bharat' instead of 'President of India'.
The recent meeting of G20 finance ministers in Washington agreed to set up a surveillance system to monitor the economic performance of countries with the greatest potential for "spillover effects" - the economic impact that extended beyond their boundaries.
The statement said that the global economy is being held back by a shortfall in demand, while addressing supply constraints is key to lifting potential growth.
The BJP's top leadership will drop its MPs found to be facing anti-incumbency, according to its internal surveys -- a pivotal tactic to ensure the party achieves its target of winning 370 seats.
The alpona (artwork) on the steep, winding road leading to Makaibari bears testimony to the visit of G20 delegates for the second tourism working group meeting in April last year. The lush tea bushes, the delegates joining in for the moonlight plucking of Silver Tips Imperial first flush, a favourite of late Queen Elizabeth II, cut a picture of mystical magic. But it's not the Kurseong tea garden's only shining moment - the last few years have been busy for the estate and its bungalow.
In his pre-departure statement, PM said he looks forward to the G20 Summit and would like Europe to prosper as "in Europe's prosperity lies our own prosperity".
India is an 'extraordinarily important' economy and an 'important partner' of Canada in a range of sectors including fighting climate change and creating economic growth, Canadian Prime Minister Justin Trudeau said on Sunday.
The summit in Korea, Ahluwalia pointed out, was the first to be held in a newly developed nation, as well as in Asia, home to many emerging nations. With the financial crisis that necessitated the meeting of minds in 2008 a thing of the past, Korea is keen to bring development to the forefront.
'You know the kind of force involved in all of this. They are not good for the country where all of this will happen.'
On Wednesday, Mukherjee addressed two press conferences at the International Monetary Fund.
Discussing the issue threadbare, the leaders of the developed and fast developing economies declared that though the financial sector should make a fair and substantial contribution towards paying for any bailouts, policy should take into account each nation's 'circumstances and options.'
His government's decision to host G-20 events across the country is an investment in capacity-building among people, cities and institutions, Prime Minister Narendra Modi has said, as he took a jibe at previous governments asserting they lacked confidence in people's abilities to hold mega events outside the capital, in smaller places.
Although as per the IMF-OECD estimates, an incremental growth of 1.8 per cent in global GDP is achievable
'India needs many more job creators, both in manufacturing and services, to make it big.' 'For that, the red carpet must be rolled out fully and for all investors without holding back,' suggests Nivedita Mookerji.
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.
Prime Minister Narendra Modi on Wednesday asked his ministers to strongly refute opposition leaders on their controversial comments on Sanatan Dharma and expose them but told his ministerial colleagues to avoid the political row around the Bharat issue noting that it has been the country's ancient name, sources said.
Prime Minister Narendra Modi on Thursday suggested the G20 trade ministers to work collectively to ensure equitable competition between large and small sellers as there are challenges in the fast growing cross-border e-commerce. In a video message at the G20 Trade and Investment Minister's meeting here, he also emphasised on the need to address the problems faced by consumers in fair price discovery and grievance handling mechanisms. "Digitising processes and use of e-commerce have the potential to enhance market access. "I am glad that your group is working on the 'High Level Principles for the Digitalization of Trade Documents'. These principles can help countries in implementing cross-border electronic trade measures, and reduce compliance burdens.
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
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.
Nationalist Congress Party president Sharad Pawar on Tuesday said no one has the right to change the country's name, after the Congress claimed that a G20 dinner invite refers to the President as 'President of Bharat'.
As India's stock rises, the resolution of the border row may become even more difficult, warn Harsh V Pant and Kalpit Mankikar.
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.
'...to bring the Global South and others to the negotiating table on the basis of Gandhi's non-violence so that we can leave a safer world for our children.'
China has signalled that it will prevent India from assuming leadership of the Global South, observes Ambassador T P Sreenivasan.
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