Home / Business / G-20 message: To revive economic confidence and boost growth

G-20 message: To revive economic confidence and boost growth

Brisbane: The Prime Minister of India, Shri Narendra Modi, today said repatriation of unaccounted money from abroad was a key priority for his Government. He was making an intervention at the meeting of BRICS leaders ahead of the G20 summit in Brisbane. He said unaccounted money abroad posed both economic and security challenges. The Prime Minister said this G20 meeting was happening in the shadow of continued weak global economic growth. He said political turbulence in many parts of the world, and the Ebola pandemic were also factors of concern. Therefore, he said, there is need for a positive environment to achieve economic goals, and G20 can support this effort. He said there is a strong need to give a message to revive economic confidence and boost growth and job creation. The Prime Minister also stressed on the need for better international policy coordination, and the need to reform global economic institutions. He suggested the creation of a digital hub for sharing of information and best practices for infrastructure. G20(2) The Prime Minister also held bilateral meetings with the President of France, Mr. Francois Hollande, and the Prime Minister of Canada, Mr. Stephen Harper. This was the first time he met both leaders, and both of them invited him to visit their countries. The Prime Minister has accepted both invitations. In his meeting with Mr. Harper, he condemned the recent attack on the Canadian Parliament. In both meetings, the Prime Minister reiterated his stand that religion should be delinked from terrorism. Modi, made an intervention during the Retreat for G20 leaders, on the subject "Reform Experience and Thrust Forward." He was invited to speak on the subject and share his vision of reform, based on his own experiences, by Mr. Tony Abbott, the Prime Minister of Australia. In his intervention, the Prime Minister stressed that reforms cannot be done by stealth, but have to be people-driven and people-centric. He said reforms should take into account the issues being faced by people. He emphasized that reforms cannot be superficial, but should take into account the root causes of the issues involved. Only then can reforms be durable and long-lasting, he added. In this context, the Prime Minister illustrated by talking of a link between water availability and power. He said farmers often need cheap power to extract groundwater, because water is not otherwise available. However, if water is made available to them, then farmers may no longer require subsidized power. Hence the reform process could move forward taking into account root causes. The Prime Minister said there is bound to be resistance to reform, and therefore, it is essential to insulate the reform process from politics. He stressed that reform should be an institutionalized process. The Prime Minister said reforms should lead to simplification of processes, and should also involve improvements in governance processes.

About Sanjay Trivedi

Sanjay Trivedi is honorary editor of Asia Times. He is senior Indian Journalist having vast experience of 25 years. He worked in Janmabhoomi, Vyapar, Divya Bhaskar etc. newspapers and TV9 Channel as well as www.news4education.com. He also served as Media Officer in Gujarat Technological University.

Check Also

Situation in flood affected Gujarat will be restored within 10 days, CM claims

Gandhinagar: Gujarat Chief Minister Mr. Vijay Rupani on the second day of his stay at …