G20 Summit 2017: Hours after Prime Minister Narendra Modi reached New Delhi after attending the G20 meeting in Hamburg, Germany, the international body acknowledged steps taken by India on structural reforms, sustainable as well as inclusive growth and India’s moves supporting the global economy. During the G20 summit, Prime Minister Narendra Modi had stated that demonetisation move initiated by his government had been akin to a big blow against corruption. The Prime Minister also stated that the demonetisation drive enlarged India’s formal economy and even boosted digitisation of the economy.
Prime Minister Modi while addressing the leaders of BRICS nations in the backdrop of the G20 summit also spoke about the Goods and Services Tax (GST). PM Modi said, ”India’s reform agenda is moving at a fast pace, this includes India’s biggest tax reform the GST”. The G20 action plan mentions some of the reforms ushered in by PM Narendra Modi-led government. Some of these reforms mentioned by the G20 report are:
1) India has popularised the derivative instruments on exchanges
2) The international body has observed that India has introduced labour reforms in order to boost workers’ security, increasing female participation in the workforce
3) India has facilitated external borrowings by startups to promote innovation and the ease of doing business
4) The organisation has stated that the government has made efforts to increase the ease of doing business.
The Indian government on its part has indicated what it wants to see the G20 do more of:
1) Creating a strong partnership in skilling and up-skilling of the work force
2) Encourage manpower mobility in a manner in which it would help the host nation as well as the source nation
3) Promote digitisation in order to strengthen labour markets and to improve delivery of services.