G20 Summit 2017: In a hard hitting speech today to the distinguished gathering of heads of states in Hamburg, Prime Minister Narendra Modi slammed the threats being posed to globalisation through many countries turning to protectionism.
G20 Summit 2017: In a hard hitting speech today to the distinguished gathering of heads of states in Hamburg, Prime Minister Narendra Modi slammed the threats being posed to globalisation through many countries turning to protectionism and thereby thwarting the goals of the group and of multilateral trade, which will consequently affect the welfare of all. He asked leading G20 nations to assume the leadership on major global issues and said India stood ready to carry forward the fight against corruption and black money. PM said, “The rise in protectionism threatens gains from globalisation. G20 must speak in one voice to support and sustain a regime of openness. We hope that the G20 will assume leadership to act on all important issues.” Turning to an issue that has acquired huge significance, that of graft in the public sphere PM said, “With Base Erosion and Profit Shifting adopted, we are ready to carry forward fight against black money and corruption.”
According to PTI, PM Modi asserted that a “regime of openness” must be sustained globally and that protectionism threatens to take away the gains from globalisation. PM Modi then highlighted the various steps his government is taking in India. “The rise in protectionism threatens gains from globalisation,” Modi said. He said demonetisation had “dealt a blow to corruption, boosted digital payments and battled back black money. He said demonetisation was intended to deal with corruption and the black money menace in which Rs 500 and Rs 1000 notes were banned.
Globally, PM said the implementation of automatic exchange of financial account information on a reciprocal basis will help curb black money and illicit flows. Amid concerns over alleged protectionist steps by various countries, including steps to restrict entry of skilled workers, the Prime Minister warned that such moves could take away the gains from globalisation, PTI reported.
PM Modi concluded by saying, “Growth and development for all in India is central to our pursuit of economic prosperity.”