Intervention by PM at G20 working session on Inclusive Growth

Intervention by PM at G20 working session on Inclusive Growth: Global Economy, Growth Strategies, Employment and Investment Strategies

Excellencies,

The global economic growth remains weak, with slowdown in several major economies, volatile financial markets and competitive devaluation of currencies. 

I congratulate the Turkish Presidency for coordinating efforts on Growth and Investment strategies and Employment Plans. We must all now implement our commitments.

To stimulate growth, we need to enhance public investments, not just rely on monetary policy.

G20’s continued call to Central Banks for careful communication on monetary policy actions will be helpful in keeping financial and currency markets stable.

Multilateral Development Banks should enlarge their capital base to support infrastructure needs of the developing countries. New institutions such as the New Development Bank are welcome additional sources of financing.

There is global consensus on the need to address climate change. However, multilateral institutions should not impose such difficult safeguards and conditions on loans that they become barriers to development in many countries and undermine sustainable development.

G20 efforts must be aligned with the UN Sustainable Development Goals, adopted this year, particularly with the number one goal of elimination of all poverty by 2030.

We welcome the G20 focus on employment of women and, on youth this year.

Stable long term global economic growth requires not just capital flows, but also efforts to facilitate labour mobility and skill portability.

Excellencies,

India's economic growth is likely to grow at 7.5% this year and achieve a growth rate of 8% plus next year. We have reduced inflation and current account and fiscal deficits.

Our programmes of inclusive development, including Financial Inclusion, universal access to basic needs by target year, Make in India, Skill India, Digital India, Industrial Corridors and Smart Cities will boost growth and, employment in India.

This will be a source of strength for the global economy.

Thank you! 

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Main statement by PM in the BRICS Leaders' Meeting

Excellencies,

We can take pride in the economic initiatives of the BRICS. These will not onlystrengthen BRICS economies, but will also benefit the developing world.

As BRICS, we must place our priorities on the agenda and activities of G20.

One, in the area of development, G20 must place priority on

• effective implementation of Sustainable Development Agenda 2030 and ensure adequate funding for it.

Two, in the area of global finance, G20 should focus on

• 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. This would also include converting waste into inputs for infrastructure.

• lower the cost of global remittances well before 2030

• close coordination on preventing corruption and cooperation on freezing of unaccounted money hoarded abroad and its repatriation.

Three, in the area of trade, we 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.

• promotinggreater mobility of skilled professionals and creating a global skill force market.

Four, in the area of climate change,G20's priorities should include

• a successful outcome at the COP21 based on the principles of UN Framework Convention on Climate Change, including the principle of common but differentiated responsibilities.

• Facilitate climate finance and technology transfer to developing countries.

• enhance research and development on clean and renewable energy to increase access, efficiency and affordability of clean energy.

• support development of next generation and climate resistant infrastructure.

• Support the India-proposed international solar alliance.

Five, G20 should promote stronger global action to address security challenges, including through

• comprehensive global strategy to put an end to finance, supplies and communication channels of the terrorists.

• stopping the flow of arms and explosives to terrorist groups.

• Creating special international legal regime to disrupt terrorist activities.

• cooperation in preventing the use of cyber networks by terrorist groups.

• early adoption of Comprehensive Convention on International Terrorism.

I am confident that BRICS economies will continue to be strong and stable and will remain a source of strength for the global economy.

Excellencies,

The Strategy for BRICS Economic Cooperation, which we endorsed in Ufa, is an important framework document.

The Contact Group on Trade and Economic Issues and Business Council should prepare a Work Plan for implementation of the Strategy in a time-bound manner.

Each BRICS member country should take the lead in at least two priority areas listed in the Strategy.

It would be appropriate if the first joint meeting is held during the Russian Chairmanship.

The joint sitting may also work on a Roadmap for Trade, Economic and Investment Cooperation till 2020.

Excellencies,

We hope that the New Development Bank will start its operations quickly. As I said in Ufa, its first project should be on clean energy, preferably across all BRICS countries.

We need to create a supporting mechanism, such as a New Development Bank Institute or NDBI, which should function as bank of ideas, a storehouse of experience and a knowledge powerhouse. It can also provide inputs for the Contingency Reserve Arrangements.

Excellencies,

India will continue to work closely with our BRICS partners in the spirit of mutual trust, respect and transparency.

I had shared some ideas at Ufa. These included trade fairs; agriculture research; railway research; digital initiative; energy efficient technologies; cooperation between states, cities and local bodies; promoting films and sports exchange.

We will be building upon them and putting more new ideas on the BRICS agenda.

We will work with you to further strengthen the institutional mechanisms of BRICS.

I look forward to seeing you in India for the 8th Summit next year.

Thank you. 

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Lead Intervention by Prime Minister at G20 Working Lunch on Development and Climate Change

President Erdogan,

Excellencies,

I thank President Erdogan and Turkey for their warm hospitality and excellent arrangements in this beautiful setting of Anatalya.

We gather as G 20 to build a prosperous future for the world.

Today, we meeting the tragic shadow of dreadful acts of terrorism,united by a sense shock, pain and outrage.

We are united in condemning the barbaric attacks in Paris this week; and, the recent bombings in Ankara and Lebanon. We share the sorrow of Russia for the lost lives in the fallen aircraft in Sinai.

These alone are a stark reminder of the dark force we face– larger than specific groups and particular targets and territories.

It is a major global challenge of our times. It not only takes a tragic toll of lives, it also extracts a huge economic cost and threatens our way of life.

It calls for a comprehensive global response. Combating it must be major priority for G20.

I thank Turkey for scheduling a session on this challenge.

Excellencies, we are herein this session to discuss two other major global challenges– development and climate change.

This year is a milestone.The United Nations turned 70.We have adopted the Sustainable Development Goals at the United Nations. We are days away from charting a sustainable future for our planet.

Excellencies,

The SDGs area 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.

G20 must align itself with the SDGs. In doing so,we will also stimulate faster and a more broad-based economic growth.

Excellencies,

India's development goals are aligned with the SDGs.

We are promoting growth and investing in skills to create employment for our youth;increasing the pace and quality of infrastructure expansion;and, investing in making far more productive and resilient.

We have the world's largest financial inclusion programme. And, we have definite target dates for meeting all the basic needs of our people.

Through bold economic and governance reforms, we have achieved a growth rate of nearly 7.5% 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.

Excellencies, We in India don't see development and climate change as competing objectives. This is centered on the belief in the unity of humanity and Nature.

We have ambitious plans for addressing the challenges of climate change.

This includes additional capacity of 175 GW of renewable energy by 2022;

cut in subsidies on fossil fuel and tax on coal; and, National Clean Energy Fund of US$3 billion to promote clean technologies.

With our highly ambitious/Intended Nationally Determined Contributions (INDCs),India would remain in step with the world.

We look forward to a concrete outcome in Paris within the framework of the UN Convention on Climate Change. The framework has an appropriate balance of collective action: Equity and Common but differentiated responsibility and respective capabilities.

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 US$100 billion goal per year by 2020.

G20 countries should increase the share of traffic on public transportation in cities by 30% by 2030.

We should shift from "carbon credit” towards "green credit”.

When we speak of targets, we must not only reduce the use of fossil fuel, but also moderate our life style.

Development in harmony with nature is the goal of my proposal to launch, along with the French President Hollande, an alliance of solar-rich countries at the time of COP-21 meeting.

Excellencies, let me conclude with a few points on development.

We are still short in our efforts to fulfill our last year's commitment to raise our collective GDP by an additional 2% by 2018.

I propose that we consider how G20 can build support systems that focus on countries with maximum growth potential, help address specific bottlenecks there and facilitate implementation of country strategies.

G20 must continue to focus on infrastructure, as we did In Brisbane in 2014.

Clean energy and environment friendly infrastructure will address both development and climate change.

Bridging the current gap in infrastructure finance in the developing countries should remain our key priority.

I am happy with the focus on small holders and food losses in the G20 Action Plan on Agriculture.

Remittances are a key source of income for households and support for the economy in developing countries. We should define a target date before 2030 to reduce the high costs of transferring remittances.

I look forward to fruitful discussions and substantive outcomes.

Thank you ! 

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Text of Opening Remarks by PM at the BRICS Leaders' Meeting

Your Excellency President Vladimir Putin,

Your Excellency President Xi Jinping,

Your Excellency President Jacob Zuma,

Your Excellency President Dilma Rousseff,

I thank our host, President Putin, for excellent arrangements for today's meeting and for his leadership of BRICS.

Congratulations for hosting a very successful 7th BRICS Summit.

Excellencies,

We stand united in strongly condemning the dreadful acts of terrorism in Paris. We express our deepest sympathy and support to Russia for the loss of life in Sinai. Ankara and Beirut are also reminders of terror's growing spread and impact.

The entire humanity must stand together as one against terrorism. The need for a united global effort to combat terrorism has never been more urgent. This must also be a priority for BRICS nations.

There was a time when the logic of BRICS and its lasting capacity were being questioned. We have provided proof of the relevance and value of BRICS through our actions. And, this has come at a time of huge global challenges.

The New Development Bank, the Currency Reserve Arrangement, Strategy for BRICS Economic Cooperation - these are clear evidence of our vision and our resolve. Together, we can also give shape to G20.

India attaches the highest importance to BRICS. We are honoured to assume the Chairmanship of BRICS from 1st February, 2016 and build on the great work done by other Members.

The theme of India's BRICS Chairmanship will be “Building Responsive, Inclusive and Collective Solutions” which, in short, will be 'BRICS'. It aptly describes the ethos of our group.

We are pleased that a BRICS partner, China, takes over the Presidency of G20 in December 2015. We assure China of full support during its Presidency.

Thank you.