- Global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives : Finance Minister
Union Finance Minister, has said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives.
At the National level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, the Finance Minister added.
International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum.
The Finance Minister also stated that the IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies. On the 15th Round of the IMF’s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, the Finance Minister stated that work on the 16th Round should begin in right earnest and should have a tight time frame.
The items on the agenda included the World Development Report 2020: Trading for Development in Age of Global value Chains; Jobs and Economic Transformation (JET): Drivers, Policy Implications and WBG Support theme for IDA; Human Capital Project: An update; and IDA Voting Rights Review: Report to Governors. In her intervention at this session, the Finance Minister mentioned that as we draw closer to SDG 2030, India is pursuing both scale and speed of development, through large National missions in a fiscally responsible, sustainable and inclusive manner. These programs range widely from solar energy to direct benefit transfer, from skilling to sanitation. But there is a common approach: to improve incomes, reduce deprivation and enhance living standards.
Smt. Sitharaman also stated that in pursuing investment led growth, we should not neglect sustainability, efficiency and transparency in debt and tax policies.
Moreover, investments must generate domestic revenues that can be channelized into effective public spending in health, education and skilling so that youth can benefit from the economic growth. The Finance Minister encouraged IMF to guide concerted international action to combat illegal financial flows and welcomed collaboration to push investment to augment MDB financing into developing countries.
- President of India Addresses India-Philippines Business Conclave and 4th Asean-India Business Summit; Invites Asean Business Community to Participate in India’s Growth Story
The President of India, Shri Ram Nath Kovind, addressed the India-Philippines Business Conclave and the 4th ASEAN-India Business Summit in Manila, Philippines.
Speaking on the occasion, the President said that the potential for the Philippines-India economic collaboration is significant. Both countries share mutual complementarities which can be utilised to deepen trade and investment ties.
He said that India’s “Make in India” and next-generation infrastructure programmes and the Philippines’ “Build, Build, Build” infrastructure initiative present immense opportunities for companies and investors on both sides.
The President said that the Philippines-India business story is an encouraging one. While bilateral trade has shown continuous progress, the real gain has been our collaboration in the IT-BPO segment.
As we race into the digital age, we have immense opportunities before us to fill e-commerce shelves, create fin-tech services, develop imaginative entertainment platforms, and power green and clean solutions.
The President said that in recent years, India-Philippines have seen two-way investment grow in infrastructure and energy sectors.
More prospects wait to be converted into concrete projects, from airport terminals, LNG pipelines to waste management solutions.
The Indian pharma and healthcare sectors offer immense value to the Philippines.
There is scope to enhance partnership in several other areas – from trade, investment, services, agriculture, engineering to new technologies.
The President said that the ASEAN is one of the most economically dynamic regions of the world today. India has deep political and people-to-people relations with each and every country in the ASEAN.
We wish to bring our economic and business relations up to the same level. He noted that ASEAN-India trade has jumped significantly in the past few years. However, he said, we still have a long distance to cover to reach the target of US$ 200 billion by 2022.
Effective use of existing mechanisms, particularly the ASEAN-India Business Council can go a long way in realizing this goal.
Just as Indian companies see significant opportunities in the region, he was confident the ASEAN business community also recognises the tremendous business potential in India.
India wishes to participate in ASEAN’s growth story and it invites all of the ASEAN to participate in its.
The President also visited the University of the Philippines Manila Museum to attend an event organised by Mahaveer Philippines Foundation.
- Validation Exercise and Closing Ceremony Indo Mongolian Exercise Nomadic Elephant XIV
In the series of joint bilateral exercises between India & Mongolia, both nations have once again come together to enhance bilateral friendship to the next level. The fourteenth edition of joint military training exercise between Indian Army and Mongolian Army named EX NOMADIC ELEPHANT 2019 which commenced on 05 Oct 19 concluded at Foreign Training Node (FTN), Bakloh on 18 Oct 19.
The primary focus of the exercise was to train and equip the contingents to undertake joint counter insurgency and counter terrorist operations in mountainous terrain under United Nations mandate. The entire curriculum was planned in a progressive manner wherein the participants initially familiarized with each other’s organizational structure, weapons and combat skills before graduating to joint tactical exercises. The contingents honed their tactical and technical skills in a wide spectrum of counter insurgency operations including joint training on weapons and equipment, cross training exercises and field training exercises. Both sides jointly planned and executed a series of well-developed tactical operations based on scenarios that are likely to be encountered in mountainous terrain.
The exercise provided an ideal platform for both contingents to share their operational experience and expertise while also being instrumental in broadening the interoperability and cooperation between the armies of India and Mongolia.
The joint exercise will surely foster the spirit of friendship and enhance the strategic military relationship between India and Mongolia to higher levels.