Business News Highlights: G20 Summit Concludes, Delhi Declaration, Economic Corridor Among India's Biggest Achievements
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G20 leaders despite the challenges concerning the Russia-Ukraine war, adopted the Joint Declaration at the New Delhi G20 Summit on Saturday. In the declaration, the leaders endorsed the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) and called for its ambitious implementation in multilateral development banks.
On global debt vulnerabilities, G20 leaders convened in New Delhi and reaffirmed their position, which is consistent with the statements made in Bali last year. They called for "continued discussion on policy-related issues linked to the implementation of the Common Framework."
Among other notable developments, it appears that the much-discussed global coordination on crypto regulation has taken a solid step forward, as Finance Minister Nirmala Sitharaman said that a “global consensus” is emerging on virtual digital asset (VDA) policies.
Sitharaman said, “Global push for clearer policies on crypto assets have gained momentum, global consensus emerging.” The Union minister added that the presidency will support the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for a “globally coordinated crypto regulatory framework.”
India-Middle East-Europe Economic Corridor initiative involving the United States, India, Saudi Arabia, the UAE, the European Union, and several other G20 partners was launched. The ambitious project, aimed at enhancing trade and connectivity between India, the Middle East, and Europe, has garnered support and enthusiasm from world leaders. This project, which embraces a vision of robust global infrastructure investment, was unveiled at the Partnership for Global Infrastructure Investment (PGII) and India-Middle East-Europe Economic Corridor program at Bharat Mandapam on the sidelines of the G-20 Summit in New Delhi.
Furthermore, India announced the launch of the Global Biofuel Alliance and urged G20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20 per cent.
Here is a brief schedule for G20 leaders on September 10.
- 8:15 am to 9:00 am: Arrival of leaders at Rajghat, signing of the peace wall.
- 9:00 am to 9:20 am: Wreath-laying at Mahatma Gandhi's Samadhi, devotional song performance.
- 9:40 am to 10:15 am: Arrival at Bharat Mandapam.
- 10:15 am - 10:30 am: Tree planting ceremony at Bharat Mandapam's South Plaza.
- 10:30 am to 12:30 pm: Third G20 Summit session 'One Future'
RBI’s Frictionless Credit Initiative Cut Costs By 70% For Lenders: RBI Official
The Reserve Bank of India’s frictionless credit initiative is facilitating a savings of 70 per cent for the lenders in their customer acquisition cost, and helping the borrowers save about 6 per cent of the loan amount, Ajay Kumar Choudhary, an executive director with the bank said on Sunday.
While the pilot began in Tamil Nadu and Madhya Pradesh earlier this year in April, Choudhary informed that it has now been extended to include Maharashtra, Uttar Pradesh, Karnataka, and Gujarat from August 17 this year, reported PTI. The pilot initially provided an all-digital kisan credit card (KCC), developed by the RBI Innovation Hub on the public tech platform.
FinMin Nirmala Sitharaman Meets China's Finance Minister Liu Ken On G20 Sidelines
Union Finance Minister Nirmala Sitharaman met with her Chinese counterpart Liu Kin on the sidelines of the G20 Summit in New Delhi, the Ministry of Finance said via a tweet on social media platform X (formerly known as Twitter) on Sunday. The post further noted that the leaders exchanged views on issues related to the G20 summit.
India’s Steel Production Increased By 5% In Jan-Jun, Growth Momentum Expected To Continue, Says SteelMint
India’s production of crude steel increased by 5 per cent during the January to June period in 2023, on a year-on-year (YoY) basis, the research firm SteelMint said. India produced 66.14 MT crude steel in the period, compared to 63 MT crude steel produced in the same period a year earlier. The research company noted that this growth is expected to continue in the remaining year as well, reported PTI. SteelMint credited the growth to an improvement in capacity utilisation rates and an increase in capacities by major players in the domestic steel industry. The domestic steel consumption also grew by 11 per cent, on a YoY basis, the research firm stated.
RBI Expected To Launch Wholesale Digitial Rupee In Call Money Market By October
The Reserve Bank of India is expected to launch the pilot of Central Bank Digital Currency (CBDC) to facilitate transactions for interbank borrowing or call money market by October this year, the bank’s executive director, Ajay Kumar Choudhary said on Sunday.
The pilot of the wholesale CBDC, the Digital Rupee-Wholesale, was launched last year in November. The banking regulator will now start the wholesale CBDC in the call market either this month or the next, Choudhary stated on the sidelines of the G20 Leaders’ Summit in New Delhi, reported PTI.
Public Sector General Insurers’ Share In Industry Premium Falls To 32.5%
State-run general insurers contributed less than a third of the industry premium at 32.5 per cent, the General Insurance Council data revealed. This is the first time state-run general insurers contributed such a low share in the premium. Private non-life insurers strengthened their control in the industry in the first five months of the current fiscal year, the data revealed.
Public insurers reported a fall of 1 per cent in their premium income to Rs 34,203 during the period, down from Rs 37,100 crore for the same period a year earlier, reported PTI.
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