G20 Summit holds India in high regard

India praised at the G20 Summit

The G20 has praised the initiatives in India for promoting startup funding, flexibility in doing business and labour reforms. In its Hamburg Action Plan, at the G20 summit the group also stressed that “in the financial sector, India is popularising a number of derivative instruments in exchanges or electronic trading platforms.”. For encouraging innovation and promoting easy business, the summit said that India is facilitating ECBs by startups.

The Action Plan said that India is introducing labour market reforms to provide security to workers, enhance participation of women and doing business easier in the country. The G20 Summit was attended by PM Narendra Modi and other world leaders. There has been an improvement of one position(130th) from the previous year as per the rankings by World Bank.

PM says it wants to see itself in the top 50 countries, as far as doing easy business is concerned. As per the World Bank records, India ranks poorly in starting a business, dealing with customer benefits, registering property, paying taxes, trading across borders, resolving contracts and resolving insolvency.

“The global economic recovery is prospering and gaining momentum. Investment has picked up, trade and manufacturing are showing signs of recovery. However, the pace of this growth is still weaker than desirable and downside risks remain. Weak productivity growth, income inequality, and ageing populations represent challenges to growth in longer term.”

In the action plan, the G20 members resolved to continue all monetary, fiscal and structural tools. Towards achieving a strong, sustainable, balanced and inclusive growth. The Action Plan also talked of tackling issues of beneficial ownership, correspondent banking and remittances.

China is improving its business environment and utilize foreign investment actively. While the European Union plans to extend European Investment Plan and increase the flexibility of the EU budget for job creation, investment and economic growth.

Information and Communication Technologies(ICT) could disturb crucial financial services at the national and international level by the Action Plan .

With India praised at the G20 Summit, do you think India would enjoy a higher ranking in the next year? Please share your views with us.

Excerpts from: PTI