Business News Highlights: India Launches India-Middle East- Europe Economic Corridor At G20
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G20 leaders in the New Delhi Declaration welcomed the initial steps taken by the Financial Stability Board (FSB), Standard Setting Bodies (SSBs), and certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work.
The G20 leaders said they will use macroprudential policies, where required, to safeguard against downside risks. Central banks remain strongly committed to achieving price stability in line with their respective mandates. They will ensure that inflation expectations remain well anchored and will clearly communicate policy stances to help limit negative cross-country spillovers, the Declaration said.
It further said the independence of central banks is crucial to maintaining policy credibility. We will prioritise temporary and targeted fiscal measures to protect the poor and the most vulnerable, while maintaining medium-term fiscal sustainability. Ensuring the overall coherence of the monetary and fiscal stances remains important, the Declaration said. It further added that they recognise the importance of supply-side policies, especially policies that increase labour supply and enhance productivity to boost growth and alleviate price pressures.
Nigeria has entered into an agreement with an Indian investment agency to bolster infrastructure endeavors, encompassing sectors like power, railways, warehousing, and ports in Africa's most populous nation, reported Bloomberg. The deal, inked on September 6 with Invest India, holds the potential to advance industrialisation in Nigeria's agriculture and manufacturing sectors, thereby reducing dependency on imports, the head of the government-backed infrastructure vehicle said Friday.
“We are looking at increasing the productivity of our agricultural sector by industrializing it,” Lazarus Angbazo, chief executive officer of Infrastructure Corporation of Nigeria Limited (InfraCorp), said in an interview with Bloomberg. Agriculture represents about 40 per cent of Nigeria’s economy, he added. “If we really want to have the biggest impact, that’s where we’re going to have to start.”
Prime Minister Narendra Modi inaugurated the India-Middle East-Europe Economic Corridor, marking a significant milestone in global infrastructure development. The ambitious project, aimed at enhancing trade and connectivity between India, the Middle East, and Europe, has garnered support and enthusiasm from world leaders.
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The OECD has proposed implementing an automatic exchange of information between nations and the establishment of digitalised ownership registers to tackle the potential misuse of foreign real estate investments for concealing undisclosed assets. These registers would be accessible in real time to specific government agencies designated for this purpose.
The 'Enhancing International Tax Transparency on Real Estate' report released by the Paris-based Organisation of Economic Cooperation and Development (OECD) ahead of the G20 Summit, said there have been significant increases in foreign-owned real estate assets over the past decade, and a lot of funds have been shifted from financial assets to buying foreign real assets to avoid tax compliance.
ICICI Bank announced on Friday that it has acquired the RBI's approval to create I-Process Services (India) Private Ltd a wholly-owned subsidiary of the institution. At its meeting on February 17-18, 2023, the bank's board of directors approved a proposal to make I-Process Services (India) Private Limited (iProcess) a wholly-owned subsidiary of the bank, subject to regulatory and legislative approval.
The bank has received approval from the Reserve Bank of India for making iProcess its wholly-owned subsidiary, subject to certain conditions, ICICI Bank said in a regulatory filing.
India's proposal for setting up a Global Biofuels Alliance is likely to get through at the G20 summit on Saturday, reported PTI citing sources. The Global Biofuels Alliance is similar to that of the International Solar Alliance (ISA) piloted by India and France in 2015 to bring clean and affordable solar energy.
According to the report, the Global Biofuels Alliance aims to facilitate collaboration and increase the use of sustainable biofuels, notably in transportation. Its primary goals are to expand markets, facilitate global biofuel commerce, produce concrete policy lessons, and provide technical assistance to national biofuel programs around the world.
India and the United States have settled the seventh and last trade dispute at the World Trade Organization (WTO) over poultry products, according to a joint statement released on Friday.
"The leaders lauded the settlement of the seventh and last outstanding WTO dispute between India and the United States. This follows the unprecedented settlement of six outstanding bilateral trade disputes in the WTO in June 2023,” the joint statement said, after PM Narendra Modi and US President Joe Biden meeting in New Delhi ahead of the G20 Leaders summit.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
New Delhi is all set to host the 18th G20 Leaders Summit from September 8 to 10, welcoming over 25 world leaders and various delegates at the Pragati Maidan venue. On Saturday, the global leaders will convene at Bharat Mandapam in New Delhi, where they will join Prime Minister Modi for a welcome photo session between 9:30 AM and 10:30 AM. Following the photo session, there will be the first session, followed by a working lunch and bilateral meetings scheduled from 10:30 AM to 3 PM. The second session is slated to take place from 3 PM to 4:45 PM. A dinner event for the leaders and heads of delegations will commence from 7 PM onward.
During the meetings, leaders are expected to discuss a range of issues, including complex global challenges such as concerns of the Global South, gloomy economic scenarios, and fostering inclusive growth amid a fragmented geopolitical environment. India has also put forth its own agenda at the summit, such as digital public infrastructure, climate finance, sustainable development and clean energy, reported PTI.
During the summit other than leaders of the G20 grouping, chiefs of many leading world bodies like the International Monetary Fund, World Bank, and Organisation for Economic Co-operation and Development (OECD) have also come to Delhi.
US Treasury Secretary Janet Yellen, in a tweet on Thursday, said, "I am glad to be in India for the G20 Leaders’ Summit, where we will focus on taking action to strengthen the global economy and support low and middle-income countries. The MDBs, particularly the World Bank, are critical to addressing global challenges like climate change, pandemics, and fragility and conflict. The progress we make on these issues is integral to reducing poverty and achieving the Sustainable Development Goals."
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