MULTILATERAL RESPONSE
London School of Economics and Political Science awarded N.K. Singh, with an Honorary Fellowship.
N.K. Singh, former chairman of the 15th Finance Commission, receives Honorary Fellowship from the London School of Economics. Recognized for contributions to LSE and global economic community. Singh's legacy in policy-making and fiscal prudence celebrated by finance minister and LSE. He joins esteemed past recipients of the award.
India underlines importance of making African voices stronger in multilateral organisations
India's Permanent Representative to the UN Ambassador Ruchira Kamboj told the UN Security Council on Thursday that it is "high time" that the comity of nations gives due credence to the African member states. "Sustainable peace and security is possible only if external forces do not intervene for vested interests. This calls for making African voices stronger in multilateral organisations so that they can argue their own case and call out external interferences," she said.
How to make every rupee count
The international aid squeeze has led to a reduction in official development assistance (ODA) to food systems, creating a financing gap of $350 billion per year. Multilateral development banks (MDBs) and international financial institutions (IFIs) play a crucial role in this context but need to improve impact assessment and reporting. The World Bank has shown leadership with its scorecard, but more needs to be done to quantify the cost of inaction.
UN chief keen on continuing momentum of MDB reforms initiated during India's G20 Presidency: N K Singh
UN Secretary-General Antonio Guterres aims to sustain the momentum of Multilateral Development Banks (MDB) reforms initiated during India's G20 presidency, according to N. K. Singh, Chairman of the 15th Finance Commission. Singh, after a positive interaction with Guterres and Deputy Secretary-General Amina Mohammed, highlighted Guterres' commitment to advancing MDB reforms outlined in the 2 Vol. IEG Report.
Pvt investments rise in India very visible, says ADB
ADB, under Dasgupta's leadership, aims to increase private investments in India, focusing on clean energy and financial inclusion. Reforms and new models like IF-CAP are set to strengthen ADB's role in climate finance.
WTO negotiations: India secures multilateral victory, upholds principles of fair trade
India, along with South Africa, achieved a significant breakthrough in World Trade Organization (WTO) negotiations on domestic service regulations. After objections to certification requests for updated General Agreement on Trade in Services (GATS) schedules, India withdrew objections following consultations. India emphasized adherence to multilateral processes, ensuring non-discrimination principles.
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Indian Navy collaborates with Sri Lanka and Seychelles to rescue hijacked Sri Lankan fishing vessel
The Indian Navy, collaborating with Sri Lanka and Seychelles, successfully rescued a hijacked Sri Lankan fishing vessel, Lorenzo Putha, in a coordinated effort. Utilizing INS Sharada and long-range drones, the Navy intercepted the vessel, ensuring the safe surrender of three pirates and the rescue of all six crew members. This operation reflects the Navy's commitment to maritime security and anti-piracy efforts, showcasing the efficacy of multilateral cooperation and swift responses.
Cities face huge climate finance gap, study says
A study by the Cities Climate Finance Leadership Alliance (CCFLA) shows that cities are only receiving 1% of the climate finance they need, despite being on the front line of climate hazards and responsible for three-quarters of global emissions. The study suggests that multilateral development banks need to adopt new strategies to address the financing gap.
Require multilateral discussion under a WTO body, say India, South Africa and Egypt
"The drafting process deviates substantially from the accepted practice at the WTO," India, South Africa and Egypt said, adding that the "format and pace of the discussions have made it challenging" for most developing countries to effectively participate, consult with capitals, present their views, submit comprehensive proposals and review the progress.
Lenders facing known and unknown challenges, need agile responses: Bank chiefs
HSBC India CEO Hitendra Dave said though technology has made banking easier, the risks are sometimes unknown. He cited the example of the ransomware attack on the world's largest lender by assets Industrial and Commercial Bank of China (ICBC) earlier this month which forced the bank to re-route trades using spreadsheets stored on portable drives and accessing the internet using dongles.
Annual private capital mobilisation by multilateral development banks needs to quadruple to $240 bn by 2030: N K Singh
Speaking at the Paris Peace Forum at a session on “Achievements since the Summit for a New Global Financing Pact”, moderated by French President Emmanuel Macron, Singh asserted that MDBs required a tectonic makeover. “The next 12 months are crucial to translate the current fervour into changes in process, procedures, and hopefully changes for better outcomes…. I worry about a piecemeal approach to reforms, and institutions acting in silos,” Singh said, adding that a change is needed in the management culture on many fronts.
G20 panel moots trebling lending limits of multilateral banks by 2030
The Independent Expert Group headed by former US treasury secretary Larry Summers and India's 15th Finance Commission chairman NK Singh called for urgent and strong action to scale MDBs to make them "fit for purpose" by 2030 in part two of its report.
India held exceptionally organised G20 Summit, lot of responsibility for Brazil as host next year...: Lula da Silva
Lula da Silva also mentioned that Brazil will focus on energy transition and the reform of multilateral institutions, such as the World Bank and the United Nations Security Council. He expressed his hope for the participation of Russian President Vladamir Putin and Chinese President Xi Jinping in the next G20 Summit in Brazil.
View: India elevated G20 as 'premier forum' for economic coop
India's presidency of the G20 under PM Modi's leadership was historic and showcased the country's progress in various fields. It demonstrated India's diplomatic skills, consensus building abilities, and its commitment to promoting North-South cooperation. It represented the coming of age of Bharat from the periphery to the centre of global economic decision-making.
India got 100 per cent consensus on New Delhi Declaration: G20 Sherpa Amitabh Kant
India achieved '100 per cent' consensus on developmental and geo-political issues in the New Delhi Declaration, according to G20 Sherpa Amitabh Kant. The declaration focuses on strong, sustainable, balanced, and inclusive growth, accelerating progress on sustainable development goals, and reinvigorating multilateralism. Kant praised Prime Minister Narendra Modi's leadership and described the declaration as historical and path-breaking.
Biden to focus on progress on climate, reshaping multilateral development banks at G20 Summit: White House
President Joe Biden's key focus areas at the G20 Summit include delivering for developing nations, climate issues, technology, and reshaping multilateral development banks. The White House expressed hope that progress will be made under Prime Minister Narendra Modi's leadership.
India supports UN efforts to continue Black Sea Grain Initiative: Ruchira Kamboj
Regarding the Black Sea Grain Initiative, India's permanent representative said, "Recent developments in this matter have not helped in securing the larger cause of peace and stability very quickly, Madam President, I would like to state that India has always been proactive in assisting our partners in times of distress."
Overwhelming response to PM's proposal of making African Union permanent member of G20: Amitabh Kant
Prime Minister Narendra Modi's proposal to make the African Union a permanent member of the G20 has received overwhelming response from the grouping, India's G20 Sherpa Amitabh Kant has said. In an interview to PTI, the top negotiator noted that India was "very hopeful" of the African continental body finding a permanent position in the G20 during New Delhi's presidency of the grouping.
Democratisation of technology important tool to help bridge data divide: PM Narendra Modi
Speaking to G20 development ministers through a video address, Narendra Modi also batted for reforms in multilateral financial institutions to expand their eligibility criteria to ensure that finance is accessible to those in need.
"Agnipath is game-changer for Armed Forces," says book that marks nine-year anniversary of Modi government
The primary focus of India's foreign policy remains its immediate neighbourhood, under the 'Neighborhood First Policy'. This is supported by the revitalized 'Act East', 'Think West' and 'Connect Central Asia' policies that seek to enhance our engagement in our extended neighbourhood, the government said in a press release.
UN SG calls on G20 finance ministers meeting in India to be bold in efforts to reform multilateral development banks
Modi added that even the financial viability of many countries is threatened by unsustainable debt levels. The meeting is spread over three sessions, covering issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive and sustainable 'cities of tomorrow', and leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains.
India hands over six tonnes of relief materials to quake-hit Syria
India has already sent to Turkiye relief materials, a mobile hospital and specialised search and rescue teams in four C-17 Globemaster military transport aircraft on Tuesday to support the country's rescue efforts following the massive earthquake that has killed thousands of people.
End of multilateral trade negotiations? Economic Survey sees a rising preference for bilateral trade deals
According to the Survey, the limited progress in the multilateral trade negotiations at the WTO is one of the reasons responsible for the increase in FTAs.
First G20 Health Working Group meeting to be held in Thiruvananthapuram from Jan 18-20
After assuming its G20 presidency on December 1, 2022 India will now host its First Health Working Group (HWG) meeting from January 18 to 20, 2023. The meeting will be held in Thiruvananthapuram, Kerala, according to a press release by Ministry of Health and Family Welfare.
FM Nirmala Sitharaman stresses on need to push for reforms in multilateral institutions
"India appreciates the contribution of multilateral institutions and development banks in dealing with global challenges. However, with new challenges having emerged, including the Covid-19 pandemic, a major scale-up of response mechanisms is required and strengthening of multilateral institutions is a priority," Sitharaman said. She was speaking at the Voice of Global South Summit, a virtual summit spearheaded by Prime Minister Narendra Modi.
Signature events on terror & multilateral reforms to be highlight of India’s UNSC Presidency
Countering terrorism and reformed multilateralism will be among the key priorities for India during its UNSC presidency, which will culminate in the completion of its two-year tenure as non-permanent member of the 15-nation body, said people aware of the matter.
How India can play a major global role with its G20 Presidency
In a splintering world, 'we need to create mechanisms of dialogue to heal divides', UN secretary general Antonio Guterres said recently to the UN General Assembly. And the one country that is well positioned to do so is India. As the world's largest democracy and fifth-largest economy, it has the global heft to take on a coordinating role. And as a major player with the USP of being able to talk to everyone, it has the credibility to act as a bridge-builder and create consensus.
Leveraging India’s G-20 presidency for a new architecture on global supply chains
India’s position as a future leader of the G20 forum imbibes it with the power to shape global policy agenda around a plethora of key issues that will mould the new economic order as we know it
World Bank offers to take India's digitisation to rest of the world: Finance Minister Nirmala Sitharaman
Impressed by the quick and deep penetration of India's financial inclusion and digitisation initiatives among the poor, Malpass assured the finance minister of showcasing this to other finance ministers as a way for governments to help their poor leapfrog in these challenging times.
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