‘Reforms, inclusive growth India’s focus areas at G20 summit’

From K J M Varma Beijing, Aug 19 (PTI) India’s focus at the G20 summit inChina next month will be on global structural reforms togenerate jobs, spur inclusive growth and discuss issuesrelating to the USD 100 billion climate financing committed bydeveloped nations, the economic affairs secretary said today. Shaktikanta Das also said the BRICS summit in Goa inOctober will discuss a proposal to set up a rating agency forthe five-member bloc on the lines of US-based rating agencies. Das, who is here to attend the 8th India-China Financialand Economic Dialogue, said the main thrust of India at theG20 summit to be held in eastern China’s Hangzhou city onSeptember 4-5 will be the implementation of structural reformsby the member-countries to spur job growth. The other important aspect will be Prime Minister NarendraModi’s bilateral meetings with various world leaders on thesidelines of the G20 summit, Das told PTI. The details of his visit are being worked out, he said. Argentina, Australia, Brazil, Canada, China, France,Germany, India, Indonesia, Italy, Japan, South Korea, Mexico,Russia, Saudi Arabia, South Africa, Turkey, the United Kingdomand the US and the European Union constitute the G20. "From our point view, we would like to convey to the worldthe need structural reforms which is one of issues beinghighlighted by Chinese Presidency will have to continue," Dassaid. Many countries are undertaking structural reforms andIndia’s emphasis is to appeal to the world community tocontinue with reforms "because that is only way you can reviveglobal growth," he said. India has undertaken a number of structural reforms, hesaid. "In India our track record is very strong. We have donehuge amount of liberalisation in FDI policy. With regard tothe FDI we are the most open economy in the world," he said. While the Parliament has adopted the GST, the bankruptcylaw was also enacted, he said. The Aadhaar Bill also mandate the financial backing fordisbursements of subsidies and other government assistancedirectly to people. It plugs a lot of leakage, he said. Added to that is ease of doing business, processsimplifications, auction of natural resources, he said. "Next thing we would like to highlight is the aspect ofinclusive growth. Every growth has to be inclusive to resultin job creation. Because growth without job creation has itsown pitfalls," he said, adding only the G20 summits held inAsia highlight that aspect and it does not figure when thesummits are held in western countries.(MORE) PTI KJV ABH AKJABH