Hi all,
I would like to start this new thread "India in G20 - Opportunities and Commitments" to discuss India's options to participate in and influence world-economic policy and collect the commitments it would have to honor. How all these additional responsibilities impact the Indian economy. What opportunities it can exploit to enhance its geopolitical and civilizational interests and so on…
I also request the members to analyse this from various perspectives -
- Based on Perspectives on Economic Downturn
- Geopolitical
- Natural Resources and environment
- Domestic economy
- Poverty alleviation
- International Influence - especially in world bodies such as UNSC, WB, IMF
Few Links:
G20 Home Page
Google – News Results
G20 Wiki Page
India in G20 - Opportunities and Commitments
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- BRF Oldie
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India in G20 - Opportunities and Commitments
Last edited by RamaY on 22 Apr 2010 07:14, edited 1 time in total.
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- BRF Oldie
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Re: India in G20 - Opportunities and Commitments
Read more: http://www.financialpost.com/news-secto ... z0ln421YQwFinance officials from the Group of 20 countries will arrive in Washington this evening prepared for a brawl over one major issue: a global bank tax.
While discussions over a possible levy could kickstart a process that leads to an agreement on standards for financial reform, experts expect the final decision on how to reach those standards to be left up to individual countries. As the recovery from the financial crisis marches on, harmonized rules for all seems like a pipe dream.
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Re: India in G20 - Opportunities and Commitments
Read More: http://www.marketwatch.com/story/bank-t ... 2010-04-20A proposed international tax on banks will take center stage at this weekend's meeting of finance ministers and central bank governors from the Group of 20 leading economies.
The discussion is expected to touch on a preliminary report by the International Monetary Fund on how to structure a global bank tax, although a final agreement on the issue is unlikely.
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Re: India in G20 - Opportunities and Commitments
Read More: IMF Recommends G-20 Impose Taxes on Banks Liabilities and Profits http://www.businessweek.com/news/2010-0 ... ofits.htmlThe International Monetary Fund is recommending the Group of 20 nations tax financial institutions’ non-deposit liabilities and the sum of profit and compensation to help pay for future bailouts of the industry.
The two levies, with those on liabilities taking priority, are part of a preliminary report the G-20 requested last year to review how the financial industry can help pay for government efforts to repair the banking system. While the IMF will deliver a final report to heads of state and government in June, France and the U.K. have already backed the idea of a tax on banks.
“Measures that impose new costs on financial institutions will need to reflect and be coordinated with regulatory changes under consideration,” according to the report, titled “A Fair and Substantial Contribution by the Financial Sector.”
Re: India in G20 - Opportunities and Commitments
[urlhttp://timesofindia.indiatimes.com/Biz/India-Business/India-set-to-defend-fuel-subsidy-at-G20-meet/articleshow/6005320.cms]India set to defend fuel subsidy at G20 meet[/url]
India is responding to the report — prepared by the International Energy Agency, Opec, OECD and the World Bank as part of the G20 initiative on 'climate change finance' — by pointing out how it does not take into account subsidies given by developed nations to "alternative energy sources... that could be detrimental to the environment on a macro perspective".
Another sore point is the absence in the social cost benefit analysis of how subsidy withdrawal will impact the poor. "This aspect should not be left out... Developing countries like India need to ensure efficient energy security along with high overall growth of the economy. It is also crucial to provide inclusive growth which mandates higher consumption of energy at affordable prices, especially for the poor to meet their cooking and lighting requirements."
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- BRF Oldie
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Re: India in G20 - Opportunities and Commitments
G20 declaration
Earlier, the G20 in a declaration, said the advanced economies were committed to fiscal plans that would at least halve the deficits by 2013 and stabilise or reduce government debt-to-GDP ratios by 2016.
To deal with the differences that have arisen over the trajectory of fiscal adjustment, it said: “There is a risk that synchronised fiscal adjustment across several major economies could adversely impact the recovery. There is also a risk that the failure to implement consolidation where necessary would undermine confidence and hamper growth.” Surplus economies have to undertake reforms to reduce their reliance on external demand and focus more on domestic sources of growth, it noted.
The G20 members also agreed to strengthen the financial market infrastructure by accelerating the implementation of strong measures to improve transparency and regulatory oversight of hedge funds, credit rating agencies and over-the-counter derivatives in an internationally consistent and non-discriminatory way. {Reminds me the cases where foreign Hedge Funds had to be banned from trading for a given period by RBI, due to their risky transactions in Indian Markets}
No reference was made to the idea of a transactions tax on banks. Instead, the declaration committed the members to design and implement a system with powers and tools to restructure or resolve all types of financial institutions in crisis, without the taxpayers ultimately bearing the burden. However, how this is to be done was not spelt out.
Earlier, the G20 in a declaration, said the advanced economies were committed to fiscal plans that would at least halve the deficits by 2013 and stabilise or reduce government debt-to-GDP ratios by 2016.
To deal with the differences that have arisen over the trajectory of fiscal adjustment, it said: “There is a risk that synchronised fiscal adjustment across several major economies could adversely impact the recovery. There is also a risk that the failure to implement consolidation where necessary would undermine confidence and hamper growth.” Surplus economies have to undertake reforms to reduce their reliance on external demand and focus more on domestic sources of growth, it noted.
The G20 members also agreed to strengthen the financial market infrastructure by accelerating the implementation of strong measures to improve transparency and regulatory oversight of hedge funds, credit rating agencies and over-the-counter derivatives in an internationally consistent and non-discriminatory way. {Reminds me the cases where foreign Hedge Funds had to be banned from trading for a given period by RBI, due to their risky transactions in Indian Markets}
No reference was made to the idea of a transactions tax on banks. Instead, the declaration committed the members to design and implement a system with powers and tools to restructure or resolve all types of financial institutions in crisis, without the taxpayers ultimately bearing the burden. However, how this is to be done was not spelt out.