Projecting India as a pillar of global economic stability, Prime Minister Narendra Modi at the G20 Summit said bold reforms has helped the country to clock 7.5 per cent growth that will improve further in coming years.
“Through bold economic and governance reforms, we have achieved a growth rate of nearly 7.5 per cent with strong prospects for a higher growth rate in the near future. Given our size and scale, India can become a pillar of global growth and stability,” he told heads of world 20 leading economies.
In his lead intervention at G20 Working Lunch on Development and Climate Change, PM Modi said India has the world’s largest financial inclusion programme and has “definite target dates” for meeting people’s all basic needs.
Speaking at the conference which is focusing on issues of development, climate change, inclusive growth, global economy etc discussed, PM PM Modi said “We in India don’t see development and climate change as competing objectives. This is centred on the belief in the unity of humanity and Nature”.
He said India is promoting growth and investing in skills to create employment for the youth. The country is also increasing the pace and quality of infrastructure expansion, and investing in making far more productive and resilient. In the past one year, the Indian government has announced a host of measures to improve ease of doing business, to streamline taxation and to further liberalise the FDI policy, among other steps.
Referring to the Sustainable Development Goals, PM Modi said India’s development goals are aligned with the Sustainable Development Goals (SDGs). The SDGs are comprehensive set of goals that places complete elimination of poverty in the world by 2030 as its top goal. And, it creates the right balance between growth, development, human welfare and environment, he added.
“G20 must align itself with the SDGs. In doing so, we will also stimulate faster and a more broad-based economic growth,” the Prime Minister said.
Pledging to quadruple India’s renewable power capacity to 175 gigawatt by 2022 and cut fossil fuel subsidies, Prime Minister Narendra Modi today asked world’s top economies to build support systems focused on nations that have the maximum growth potential.
He also asked them to keep infrastructure financing in developing countries as a key priority. In his lead intervention at G20 Working Lunch on Development and Climate Change, he offered seven points for consideration which include shift from ‘carbon credit’ to ‘green credit’ and increase in share of traffic on public transport in cities by 30 per cent by 2030.
“I propose that we consider how G20 can build support systems that focus on countries with maximum growth potential, help address specific bottlenecks there and facilitate implementation of country strategies,” he said, adding that the grouping of world’s top 20 economies including US and China must continue to focus on infrastructure.
Clean energy and environment friendly infrastructure, he said, will address both development and climate change.
With India being the largest recipient of remittances in the world, PM Modi asked G20 to cut transaction cost for transferring money from abroad.
The transaction cost which was about 10 per cent has come down to 7.5 per cent because of sustained campaign by India. The target is to bring it down to 3 per cent by 2030 but Modi wants this to be achieved earlier.