G20 summit: India, China converge on G20 agenda, Modi calls for action-oriented agenda for growth

It’s time to move beyond empty talk and forge an action-oriented agenda for collective action to forge more efficient and effective global economic and financial architecture. This was the central thrust of Prime Minister Narendra Modi’s intervention at the ongoing G20 summit of the world’s major economies in Hangzhou, the picturesque city famed for its iconic West Lake.
Mr Modi’s speech at the G20 summit saw a striking convergence with key thoughts expressed by President Xi Jinping at the opening of the summit on September 4, reflecting prospects of enhanced global cooperation between Asia’s second and third largest economies amid notes of dissonance on some bilateral issues. In his remarks at the summit, Mr Xi, the host of the G20 summit, lauded Mr Modi for his leadership of the Indian economy, and singled out India’s energy policy for special praise.
Building upon central tropes of his intervention on the Day 1 of the G20 summit the previous day, Mr Modi underscored the imperative need for “more efficient and effective global economic and financial governance,” and reiterated zero tolerance for corruption and black money, the twin issues which are also central to his domestic agenda for economic rejuvenation of India.
“G20 needs an action-oriented agenda of collective, coordinated and targeted action,” Mr Modi had told the world leaders on September 4. “To benefit all, G20 would need to act decisively. This will also require strong network of partnerships,” he said. Read more…

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Modi dreams big for India, promises $20 trillion economy

Buoyed by renewed global confidence in the India story, Prime Minister Narendra Modi has raised the bar by declaring a new ambitious target of scaling up the Indian economy 10-fold to $20 trillion. To make sure that his claim was not seen as grandiose showmanship, the Indian prime minister unveiled a raft of reforms, including reforming country’s the labyrinthine tax system to attract foreign investment and streamlining the governance system to make it faster and more effective.

Underlining the importance of fast-tracking institutional reforms, Mr Modi declared at a business conclave, organised by The Economic Times, that he was preparing the ground to turn India into a $20-trillion economy from $2 trillion. “In 20 years of liberalisation, we have not changed a command-and-control mindset. We think it is okay for government to meddle in the working of firms. This must change,” he said in New Delhi in a speech that was generously interspersed with the word reform and its improvisations.

However, in a carefully-worded formulation, the prime minister made it clear that his government would not cut subsidies that will adversely impact the poor. “I believe that subsidies are needed for them (poor). What we need is a well-targeted system of subsidy delivery. We need to cut subsidy leakages,” he told the country’s industry titans in New Delhi January 16.

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Modi pushes for people-centric reforms, revives global faith in India Story

With the world’s gaze turned on the India growth story and the trajectory of the country’s economic reforms in Asia’s third largest economy, Prime Minister Narendra Modi has assured the international community about his commitment to “people-centric” reforms and the need to insulate it from “the political process.”
“There is bound to be resistance to change or reform. But it cannot be done in stealth,” Mr Modi told the leaders of the world’s leading economies during a special intervention on the first day of the G20 plenary session in Brisbane November 15. His remarks came in response to an invitation by Australian Prime Minister Tony Abbott, who is hosting the Leaders’ Summit.
In a veiled allusion to the pulls and pressures of democratic politics and India’s argumentative society, Mr Modi underscored that there was a need to “insulate reforms from the political process,” indicating his government’s willingness to go ahead with difficult second-generation economic reforms despite opposition from critics and sections of his own party to FDI in in multi-brand retail.
Ever since his election as the leader of the world’s largest democracy in May 2014, the world has been curious to know about Mr Modi’s vision of the prospects of the economic reforms in Asia’s third largest economy, which were bogged down in policy paralysis under his predecessor.

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