 "Delhi Police, traffic, barricade, G20")
Fighter jets, drones turn New Delhi into a fortress for G20 Summit
As the world’s most powerful leaders descend on New Delhi for the Group of 20 summit, India is pulling out all the stops, deploying fighter jets around the capital, painting murals on underpasses and chasing away packs of monkeys from government buildings. The moment is a long-awaited milestone for India. Prime Minister Narendra Modi is selling the world’s most-populous nation as an emerging superpower with the clout to navigate geopolitical tensions, economic slowdowns and rising food and energy prices. Over the weekend, he’ll test that thesis by welcoming US President Joe Biden, UK Prime Minister Rishi Sunak and other heads-of-state for one of the most important global gatherings of the year. Read more
India pushes for crypto, financial issues, MDB reform deals at G20 meet
The synthesis paper on cryptocurrency, detailing regulatory and financial issues, and getting member countries on board for implementation of the $200 billion capital adequacy framework as part of multilateral development banks’ reforms are among the top deliverables of the G20 finance track under India’s presidency ahead of the leaders’ summit. A government source on Wednesday said that within the finance track, the G20 member countries had endorsed 10 and welcomed 17 deliverables as of July. The synthesis note on crypto assets, to be placed in public domain on Thursday and then to be considered by the G20 leaders, has put forth a comprehensive road map and building blocks for each country. It has also highlighted the issues faced by the developing countries. Finance deputies have discussed the need for a template to regulate crypto assets, including a way forward to be put into effect by the International Monetary Fund, Financial Stability Board and a standards-setting body. Read more
US President Biden all set to travel to India for G20 Summit: White House
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US President Joe Biden is all set to visit India and is "very excited" about the important initiatives he will be championing at the G20 Summit in New Delhi, according to senior White House officials. Biden will follow the Covid-19 guidelines of the Centers for Disease Control and Prevention (CDC) during his visit to India for the G20 Summit. First Lady Jill Biden, 72, tested positive for Covid-19 on Monday. President Biden, 80, was tested for the virus on Monday and Tuesday following his wife's positive test, but his results were negative. Read more
Fintech companies need to set up self-regulatory body: RBI governor
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday that financial technology (fintech) companies should create an “effective self-regulatory structure” themselves, emphasising the need to adopt “industry best practices”. The Indian fintech industry is projected to generate around $200 billion in revenue by 2030, Das said. “They (fintech firms) need to evolve industry best practices and privacy and data protection norms in sync with the laws of the land, set standards to avoid mis-selling, and promote ethical business practices,” he said while speaking at the Global Fintech Fest in Mumbai. Read more
India to offer $452 mn in incentives for battery storage: Anurag Thakur
India will offer $452 million in incentives to companies to set up battery storage projects, in a bid to boost the country's green energy capacity, a top minister said on Wednesday. Battery storage projects are critical to India's ambitious plan to expand its renewable energy capacity to 500 gigawatts (GW) by 2030 from 178 GW at present. They enable storage of energy from solar, wind and other renewables, so it can be released when power is needed most. Read more
