India’s focus at the G20 summit in China next month will be on global structural reforms to generate jobs, spur inclusive growth and discuss issues relating to the USD 100 billion climate financing committed by developed nations, the economic affairs secretary said Friday.
Shaktikanta Das also said the BRICS summit in Goa in October will discuss a proposal to set up a rating agency for the five-member bloc on the lines of US-based rating agencies.
Das, who is here to attend the 8th India-China Financial and Economic Dialogue, said the main thrust of India at the G20 summit to be held in eastern China’s Hangzhou city on September 4-5 will be the implementation of structural reforms by the member-countries to spur job growth.
The other important aspect will be Prime Minister Narendra Modi’s bilateral meetings with various world leaders on the sidelines of the G20 summit, Das said.
The details of his visit are being worked out, he said. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the US and the European Union constitute the G20.
“From our point view, we would like to convey to the world the need structural reforms which is one of issues being highlighted by Chinese Presidency will have to continue,” Das said.
Many countries are undertaking structural reforms and India’s emphasis is to appeal to the world community to continue with reforms “because that is only way you can revive global growth,” he said.
India has undertaken a number of structural reforms, he said.
“In India our track record is very strong. We have done huge amount of liberalisation in FDI policy. With regard to the FDI we are the most open economy in the world,” he said.
While the Parliament has adopted the GST, the bankruptcy law was also enacted, he said. The Aadhaar Bill also mandate the financial backing for disbursements of subsidies and other government assistance directly to people. It plugs a lot of leakage, he said.
Added to that is ease of doing business, process simplifications, auction of natural resources, he said.
“Next thing we would like to highlight is the aspect of inclusive growth. Every growth has to be inclusive to result in job creation. Because growth without job creation has its own pitfalls,” he said, adding only the G20 summits held in Asia highlight that aspect and it does not figure when the summits are held in western countries.