fiinovation G20 Summit – India's Takeaways The Group of Twenty (G20) is the premier forum for its members' international economic cooperation and decision-making. Its membership comprises 19 countries and the European Union. Every year these member countries meet to discuss issues ways to strengthen the global economy, reform international financial institutions, improve financial regulation and implement the key economic reforms that are needed in each member economy.
Why are they Important? Represents about two-thirds of the world's population 85 per cent of World GDP 75 per cent of global trade
Top Priorities of the Summit Measures to support global economic growth Promotion of job creation Open trade Measures to lift their collective growth by an extra 2.1% by 2018 Rehabilitate sluggish global economies Address a $70 trillion gap in infrastructure needed by 2030 Adding US$2 trillion to the global economy and create millions of jobs Cutting red tape and matching private investment with capital projects Strengthening the international tax system Strengthening energy markets Fighting corruption
India's Takeaways Global Infrastructure Hub in Sydney to benefit India avoiding dependence on either Western or Chinese-dictated terms in the AIIB and World Bank Further liberalization of trade in services Higher growth as global market opens up Strengthen public investment and create a more favourable climate for private sector investment in infrastructure Cutting the costs of remittances Long-pending governance and share holding reform of the global institutions such as the World Bank and the International Monetary Fund A new global transparency standard that will modernize international tax rules and allow automatic exchange of related information between governments to curb illicit outflow of money estimated at over $1 trillion annually. Ensuring 25 percent jobs for women. By Rahul Choudhury Media Team – Fiinovation