PM Narendra Modi at G20: Terrorism, Black money and corruption including banking secrecy are on top of Prime Minister Narendra Modi’s agenda at the G20 meet in China’s Hangzhou city. PM Modi is trying to build an international opinion on these issues, especially terrorism, which is affecting almost the entire world. In his address during an informal meeting of Brics nations at the G20 meet on Sunday, PM Modi took a “hard-hitting” stand on terrorism, saying “it remains the primary source of instability and the biggest threat to our society and countries,” according to MEA spokesperson Vikash Swarup.
Apart from the informal meeting of Brics nations, PM Modi raised the issue of terrorism and sought to corner Pakistan while highlighting the terrorism emanating from south Asia during his bilateral meetings with Chinese President Xi Jinping and Australian PM Malcolm Turnbull on the first day of the event. However, in its official statement, China didn’t mention the terror concerns raised by PM Modi. Instead, the statement said that China wants to maintain the sound relations with India.
On the second day of the 11th G20 meet, PM Modi urged the G20 countries to make efforts for zero tolerance towards corruption and Black money. “G20’s efforts should be zero tolerance for corruption and Black money, zero administrative,policy and treaty loopholes, zero barriers and full commitment to action,” Swarup quoted him as saying in a tweet.
PM Modi said that it is high time to act against the corrupt and eliminate “safe havens” for economic offenders. He also urged G20 members to break down the web of “excessive banking secrecy.”
In his intervention on the second day of the G20 Summit, Modi said that fighting corruption, Black money and tax-evasion were central to effective financial governance. To achieve that, he said, “We need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds.”
PM Modi also pointed out the need for a stable global economic and financial system. “It is imperative for growth as it promotes inclusive and sustainable growth,” he said while calling for the strengthening of the global financial safety net.
“We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate,” External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister as saying in a series of tweets.
“IMF should remain a quota-based institution and not depend on borrowed resources,” Modi said emphasising that the “long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings.”
The Prime Minister also said that India needs the energy to support its development. A “balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy.”
The G20 member states represent 85% of the world’s GDP. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union make the G20.
(With PTI inputs)