PM Narendra Modi seeks global efforts to check black money flow

Given our size and scale, India can become a pillar of global growth and stability, says prime minister.

Written by Shubhajit Roy | Antalya | Updated: November 16, 2015 12:45 am
Leaders of BRICS from left, Brazilian President Dilma Rousseff, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma pose for a photo during their meeting prior to the G-20 Summit in Antalya, Turkey, Sunday, Nov. 15, 2015. (AP Photo/Alexander Zemlianichenko) Leaders of BRICS from left, Brazilian President Dilma Rousseff, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma pose for a photo during their meeting prior to the G-20 Summit in Antalya, Turkey, Sunday, Nov. 15, 2015. (AP Photo/Alexander Zemlianichenko)

Citing the government’s “bold economic and governance reforms,” Prime Minister Narendra Modi on Sunday called for “close coordination on preventing corruption and cooperation on freezing of unaccounted money hoarded abroad and its repatriation”.

Making a lead intervention at the G-20 leaders’ meeting, Modi said: “Through bold economic and governance reforms, we have achieved a growth rate of nearly 7.5 per cent with strong prospects for a higher growth rate in the near future. Given our size and scale, India can become a pillar of global growth and stability.”

Later, in a statement at the BRICS’ leaders’ meeting, he said that in the area of global finance, G20 should focus on certain steps, which included, “implementation of the decisions to restructure global economic institutions”, “greater collaboration between multilateral and regional financial institutions”, “enhanced long term finance for infrastructure in developing countries, developing next generation, climate resilient infrastructure”, lower the cost of global remittances well before 2030, and “close coordination on preventing corruption and cooperation on freezing of unaccounted money hoarded abroad and its repatriation”.

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On trade, he said that they should focus on “strengthening the rule-based global trading system and ensuring that new trading blocs do not lead to division of the global trade regime,” speeding up the completion of the Doha Development Agenda and promoting greater mobility of skilled professionals and creating a global skill force market.

In his lead intervention at G20 Working Lunch on Development and Climate Change, Modi also said India has the world’s largest financial inclusion programme and has “definite target dates” for meeting people’s basic needs. He said that India is promoting growth and investing in skills to create employment for the youth. The country is also increasing the pace and quality of infrastructure expansion, and investing in making the country far more productive and resilient.

Modi said India’s development goals are aligned with the Sustainable Development Goals. The SDGs are comprehensive set of goals that places complete elimination of poverty in the world by 2030 as its top goal. And, it creates the right balance between growth, development, human welfare and environment, he added.

Modi for yearly $100-bn green fund

Antalya: Ahead of the COP-21 conference in Paris on climate change in November end, Prime Minister Narendra Modi said that India looks forward to a concrete outcome within the framework of the UN Convention on climate change, and the framework should have a “appropriate balance of collective action”.

“At G 20, we can play an effective role in supporting the multilateral goals of increasing research and development to develop affordable renewable energy. We should also ensure that finance and technology is available to meet the universal global aspiration for clean energy. We must meet the target of $100 billion goal per year by 2020,” he said, making a pitch for funding. He pledged to quadruple India’s renewable power capacity to 175 gigawatt by 2022 and cut fossil fuel subsidies. He offered seven points for consideration which include shift from ‘carbon credit’ to ‘green credit’ and shift to public transport in cities by 30 per cent by 2030.

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