Prime Minister Narendra Modi called on G20 members to break down the web of excessive banking secrecy on Monday and made it clear that effective financial governance needs “full commitment” to fight and act against the corrupt and elimination of “safe havens” for economic offenders.
Modi said that fighting black money, corruption and tax-evasion were prime to effective financial governance, on the second day of the G20 Summit in this east Chinese city.
He also added that, to achieve that we need to act to eliminate safe havens for economic offenders, need to act to eliminate safe havens for economic offenders.
He said we need to d break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds.
Modi further added that a stable global economic and financial system is important for growth as it benefits inclusive and sustainable growth.
He asked for further strengthening of the global financial safety net.
He said we need a regular dialogue between Regional Financial Arrangements, the IMF and Bilateral Swap Arrangements.
External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister in a series of tweets, that Important mechanisms like financial stability board should stick to their core mandate.
PM @narendramodi highlights how Agenda 2030 could be an enabler to transform societies & bridge deep inequalities pic.twitter.com/8rQoWkPvKj
— Anurag Srivastava (@MEAIndia) September 5, 2016
PM:Goal to put every1 on path of development is not just aspiration.Domestic policy &action must get support frm intn'l regimes &frameworks
— Anurag Srivastava (@MEAIndia) September 5, 2016
A Working Lunch starts w/ discussions on:'Inclusive & Interconnected Development'.PM begins remarks:Goal to put every1 on path f development
— Anurag Srivastava (@MEAIndia) September 5, 2016
Renewing ties with Turkey. PM @narendramodi meets Turkish President @RT_Erdogan in another pull aside pic.twitter.com/LU0mNt4l9v
— Anurag Srivastava (@MEAIndia) September 5, 2016
PM closes:Global investment principles shouldn't be prescriptive.Countries need policy space depending on national circumstances &dev. focus
— Anurag Srivastava (@MEAIndia) September 5, 2016
PM:G20 needs to act to stimulate investment flows. Transformed & liberalized investment regime has put India among top host nations for FDI
— Anurag Srivastava (@MEAIndia) September 5, 2016
PM:Knowledge & innov'n driven economy requires free mobility.India's priority is to work towards Trade Facilitation Agreement for Services
— Anurag Srivastava (@MEAIndia) September 5, 2016
PM:Trade facilitation is important.I urge countries to fully implement the Bali and Nairobi Ministerial decisions pic.twitter.com/BVHEv3GgPy
— Anurag Srivastava (@MEAIndia) September 5, 2016
PM:Vision of transparent,equitable,non-discriminatory, open,inclusive & rule-based global trading arch. should underpin collective efforts.
— Anurag Srivastava (@MEAIndia) September 5, 2016
On to session 3: Robust International trade and Investment".PM begins interven'n:"Global trade is at a cross roads" pic.twitter.com/LAhcsubsKy
— Anurag Srivastava (@MEAIndia) September 5, 2016
Strengthening the Strategic Partnership with France. PM @narendramodi has a quick pull aside with President Hollande pic.twitter.com/4nVA1Uqzln
— Anurag Srivastava (@MEAIndia) September 5, 2016
Building opportunities with the United Kingdom. PM @narendramodi meets PM @theresa_may for their first bilateral pic.twitter.com/fRf7ZvUL9i
— Anurag Srivastava (@MEAIndia) September 5, 2016
Modi also said that IMF should remain a quota-based institution and should not depend on borrowed resources and long-delayed 15th General Review of Quotas should be completed by 2017 Annual Meetings.
The PM Modi also stated that India needs energy for its development and a balanced mix of nuclear, renewal energy and fossil fuels is at the core of our policy
Australia, Brazil, Canada, Argentina, China, France, Germany, Indonesia, Russia, Saudi Arabia, India, Italy, Japan, Mexico, South Korea, Turkey, the US , the UK, and the European Union are the G20 members and these G20 member states represent 85 per cent of the world’s GDP.
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5 Sep 2016
Avni S. Singh