Tuesday December 12, 2017
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India renews calls for urgent reforms in IMF, World Bank

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Lima: India reiterated its call for quota reforms in the World Bank and International Monetary Fund (IMF), a top official said on Sunday.

“India called for governance reforms in both institutions to reflect growing share of developing countries in global GDP,” tweeted economic affairs secretary Shaktikanta Das, who attended the IMF-World Bank annual meetings here.

“Both institutions highly appreciative of policy steps of India,” he said.

Addressing the plenary session of the IMF-World Bank meeting, Finance Minister Arun Jaitley had voiced strong reservation to unprecedented delay in implementing the quota reform of the IMF, saying the organisation will be constrained in meeting its obligations in absence of governance reforms.

Underlining India’s commitment to the UN Sustainable Development Goals 2030, Das said: “India stressed that developed countries’ contribution to climate finance should be from new and additional sources.”

Addressing the meeting of G-20 finance ministers and central bank governors in the Peruvian capital on Thursday, Jaitley called for unconventional ways to raise funds in the current context achieve the UN Sustainable Development Goals (SDGs) by 2030.

The secretary also said the developed nations’ think tank, the Organisation for Economic Cooperation and Development (OECD), in a presentation, appreciated India’s contribution to new initiatives in international taxation like on Base Erosion and Profit Shifting (BEPS).

“In a presentation, OECD appreciated India’s contribution to new initiatives in international taxation like BEPS project,” Das said.

Earlier at the Commonwealth finance ministers meeting here, Jaitley had welcomed the final guidelines on BEPS issued by OECD, which has also developed the common reporting standards.

The Indian finance minister also reiterated the need for global implementation of reciprocal information exchange under common reporting standards to tackle the menace of tax evasion and black money.

Earlier this week, the Paris-based OECD unveiled measures, including country-by-country reporting, a framework to end treaty shopping and curbing harmful tax practices through automatic exchange of information, in an effort to bring transparency in international taxation norms for companies.

(IANS)

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Dalveer Bhandari re-elected as the judge of ICJ

Bhandari has also served as the judge of Supreme Court of India

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The judge of the international court of justice.
Dalveer Bhandari got 121 votes in a 193 members assembly. IANS

Arul Louis

United Nations, November 21

Judge Dalveer Bhandari was re-elected to the International Court of Justice (ICJ) on Tuesday as the General Assembly rallied behind him in a show of strength that made Britain bow to the majority and withdraw its candidate Christopher Greenwood.

“I am grateful to all the nations who have supported me,” Bhandari told IANS in the Assembly chamber after the election. “It was a big election as you know.” The withdrawal of its candidate by Britain, which had the backing of its fellow permanent members, was a setback for the Security Council that had been locked in a test of wills with the Assembly.

A candidate has to win a majority in both the chambers. Bhandari won majorities in the Assembly in the first 11 rounds of voting over two meetings, while the Council blocked his election by giving majorities to Greenwood in the ten rounds of balloting it held.

“The British ultimately had to bow down to the will of the majority,” a diplomat said. “The Indians stared them down.” The Council’s permanent members have traditionally had a judge in the ICJ, assuming it to be a matter of right. This time the 193-member Assembly asserted itself, forcing the Council to back down and put at risk the continuation of the ICJ perk of the permanent members.

In letters written to the Presidents Miroslav Lajcak of the Assembly and Sebastiano Cardi of the Council, Britain’s Permanent Representative Matthew Rycroft said that his country was withdrawing Greenwood’s candidature keeping “in mind the close relationship that the United Kingdom and India always enjoyed and will continue to enjoy”.

Bhandari’s election was a dramatic face-saving turn of fortunes for India, as he lost the Asian seat on the ICJ to Lebanese lawyer-turned-diplomat Nawaf Salam, who had been campaigning for two years and had the backing of the powerful Organisation of Islamic Cooperation with 55 members in the UN.

Bhandari got a second chance only because an unpopular Britain could not get an Assembly majority for a remaining judgeship requiring a runoff where the two chambers of the UN split in their voting.

Bhandari’s cause became a rallying point for the nations not a member of the Council, who were chafing under the domination of the unrepresentative Council to make a popular show of force.

India hammered home the representative character of the Assembly compared to the Council and insisted that the UN members follow democratic principles and re-elect Bhandari by accepting the global majority he has received in the Assembly.

In the last round of voting on November 13, Bhandari received 121 votes, just short of a two-thirds majority in the 193-member Assembly, while Greenwood received nine in the Council.

“The precedent is clear,” India’s Permanent Representative Syed Akbaruddin said at a reception for Bhandari attended by representatives of over 160 countries on Thursday.

“As is expected in the 21st century, the candidate who enjoys the overwhelming support of the General Assembly membership can be the only legitimate candidate to go through.” Diplomats familiar with behind-the-scenes manoeuvres said Britain indicated late last week that it would withdraw Greenwood, but over the weekend changed course with the backing of some fellow permanent members and came up with a plan for the Council to call for ending the balloting and set up a joint conference to resolve the deadlock.

The statutes of the ICJ provides for a joint conference made up of three members each from the Council and the Assembly to resolve a deadlock that persists after three election meetings.

India feared the outcome and campaigned resolutely to avoid it, pointing to the precedents in the elections in 2011 and 2014 and earlier when the candidate leading in the Council withdrew in favour of the candidate with the majority in the Assembly even though in those cases permanent members were not involved.

Bhandari’s election upsets what has become a traditional balance in the ICJ. Besides a permanent member going unrepresented, four Asian countries will be represented on the ICJ bench instead of the usual three.

Three incumbent judges of the ICJ — President Ronny Abraham of France, Vice President, Abdulqawi Ahmed Yusuf of Somalia, and Antonio Augusto Cancado Trindade of Brazil – were elected along with Salam in the first four rounds of voting on November 9.

Bhandari and the others elected will start their term in February next year. (IANS)

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India will become High-Middle Income Country by 2047, says World Bank CEO

World Bank CEO Kristalina Georgieva on Saturday said she has no doubt that India will be a high-middle income country by 2047.

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World Bank CEO
World Bank CEO Kristalina Georgieva. IANS.

New Delhi, Nov 4: Lauding India’s increasing per capita income, World Bank CEO Kristalina Georgieva on Saturday said she has no doubt that India will be a high-middle income country by 2047 when it completes its centenary year of independence.

“In the last three decades, India’s per capita income has quadrupled. I have no doubt India when it hits its century of independence in 2047, will be a high-middle income country,” Georgieva said while addressing India’s Business Reforms conference at Pravasi Bharatiya Kendra here.

Georgieva praised India for its sudden jump of 30 ranks in 2017, the biggest leap ever, in the history of the ease of doing business.

World Bank CEO
Indian Prime Minister Narendra Modi. Wikimedia.

“We are here to celebrate a very impressive achievement. In 15 years of the history of the ease of doing business, such a jump of 30-ranks in one year is very rare. In cricket, I understand that hitting a century is a big milestone.”

ALSO READ: Doing business in India is easier now!

She hailed Prime Minister Narendra Modi for his “high-level ownership” efforts and “championship of reforms” that led to achieve India such a ranking in ease of doing business.

Reminding Guru Nanak Dev’s preachings, the World Bank CEO said: “Today is also the anniversary of Guru Nanak which reminds me of his words that whatever seed is sown, the plant will grow thus.” (IANS)

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Food processing will be a main industry in future: Jaitley

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Food
Food processing will be a main industry in future: Jaitley

New Delhi: The entire Indian agriculture value chain is set to change drastically and food processing is going to be one of the main industries of the country in the future, Finance Minister Arun Jaitley said on Friday.

“The farm to kitchen chain is going to change in India, like elsewhere, with increased agricultural production, better storage facilities, more food processing and changing consumer food preference,” Jaitley said at the inaugural session of the World Food India 2017 here.

 “Food processing is going to be one of the principal industries of India in future, and an entrepreneur in 2017 should think of the industry from the perspective of where it will be in 2040, 2050,” he said.

In terms of market size, the Indian food market was worth $193 billion in 2016 and is expected to cross $540 billion in 2020, officials said here. The sector has been growing at the rate of 12 per cent annually.

“There is a silent revolution ongoing in India. There is an expanding middle class and below that there is a growing aspirational class, which is building up reasonable purchasing power,” the Finance Minister said, noting that this provided an enormous potential market for food products in the country.

About the potential, Food Processing Minister Harsimrat Kaur Badal said that only about 10 per cent of agricultural produce is processed in the country, leading to a lot of wastage.

The industry enjoys many fiscal incentives, including preferential credit under priority sector lending, she said.

“There is 100 per cent FDI (foreign direct investment) allowed into the sector through the automatic route and we have seen inflows increase 40 per cent over the last year,” she said.

“The proposal for a Food Processing Bank is also under active consideration.”

In the presence of delegates from many countries, the event was inaugurated earlier by Prime Minister Narendra Modi, who pointed out that India is the biggest producer of milk in the world and the second in rice, wheat, fish and vegetable output.(IANS)