Page 21 - G20

G20 meet: Around 140 nations close to reaching pact on global tax on MNCs

The US, India and about 140 other nations are close to reaching an agreement on the overhauling of global tax norms to ensure that multinationals pay taxes wherever they operate. At a meeting with Finance Minister Nirmala Sitharaman on the sidelines of G20 finance ministers and central bank governors meeting here, US Treasury Secretary Janet Yellen appreciated India's focus on finalizing the "historic Two-Pillar global tax deal" in the OECD's Inclusive Framework. "I believe that we are close to reaching an agreement," Yellen said in her remarks at the bilateral meeting. In a major reform of the international taxation system, about 140 countries, including India, have agreed to an overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum of 15 per cent rate. However, the deal requires countries to remove all digital services tax and other similar measures and to commit not to introduce such measures in the future. Some significant .

Appreciate India's leadership on debt issues as G20 president: Janet Yellen

US Treasury Secretary Janet Yellen on Monday said that Washington appreciates India's leadership during its G20 Presidency and New Delhi's demonstrated leadership on debt issues.Yellen said, as the world is looking forward to the G20 to make progress on key challenges like climate change and pandemics, both countries would take significant, concrete steps forward in meetings ahead."The United States has appreciated India's leadership during its G20 presidency, and we will continue our close cooperation. The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work to strengthen the global economy and to support developing countries. I am hopeful we can take significant concrete steps forward in our meetings," Yellen said while addressing a press conference earlier today in Gandhinagar.The US Treasury Secretary delivered the remarks after a meeting with Finance Minister Nirmala Sitharaman today.Speaking on the Multilateral ...

Top headlines: Ola advances plan for IPO, Govt's FDI push in space sector

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World Bank should focus on creating a liveable planet, says Ajay Banga

He said that the absence of project de-risking and innovative finance are some of the barriers that have been holding back private investment in sustainable and quality infrastructure

G20: MDBs need nearly $3 trillion additional spend a year till 2030

It also said that an incremental $500 billion per year by 2030 is needed in official development finance, of which $260 billion should be channeled through MDBs

Substantial progress on Preamble, gender equality: G20 Sherpa Amitabh Kant

Our talks are progressing well. Our priorities and envisaged outcomes have been appreciated by developing countries and developed ones alike: Kant

Hope to deepen 'very significant' relationship with India, says Yellen

Yellen was speaking in the context of the tariffs imposed on Chinese imports during President Donald Trump's era

India to push G20 to raise share of taxes on cos which earn excess profit

More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinationals

ESG issues discussed a lot at G20 forums, says Union Minister Meghwal

Union Law and Justice Minister Arjun Ram Meghwal on Saturday said that Environmental, Social and Governance (ESG) issues are discussed a lot at the G20 forums and elements like ESG will decide the country's future road map. He was speaking at the two-day summit on the theme 'Unlocking Sustainability: G20 Presidency Paves the Way for an ESG-driven New World Order' here. ESG is being discussed in G20 a lot. While Azadi ka Amrit Mahotsav marks the country's 75 years of journey of independence, elements like ESG will decide the roadmap of the country's future after another 25 years, in 2047, the minister was quoted as saying in a release issued by the institute. "If we carefully consider our own ancient culture, then it has always promoted sustainability practices in subtle ways through rituals and festivals," he said. The institute's President Vijender Sharma said it is providing a diploma in cost accounting for farmers. "We have especially helped the Indian Army to help the officers

Nations support India's efforts to have strong outcome at G20: Amitabh Kant

Top negotiators of G20 nations complimented New Delhi's efforts to deliver "strong outcomes" at the grouping's upcoming summit to deal with key global challenges such as addressing financing gaps, pushing economic growth and ensuring sustainable development, India's G20 Sherpa Amitabh Kant said on Saturday. He also described the ongoing discussions at the third Sherpas' meeting in this heritage city as a "very huge success" and that the negotiators were supportive of priorities of the Indian presidency of the G20. Talking to the media, Kant said the negotiators deliberated on challenges such as debt vulnerabilities, making multilateral institutions more responsive to the needs of developing countries and ensuring progress on the sustainable development goals. "India has put forward multiple key proposals in front of the G20 countries with a view to shaping the global agenda and response to the crisis and challenges being faced by the world," Kant said. The Indian G20 Sherpa said th

European development bank chief takes reform agenda to G20 talks in India

The President of the European Bank for Reconstruction and Development (EBRD), of which India is a shareholder, will arrive in India on Sunday for a G20 finance summit with the reform agenda for multilateral development banks (MDBs) high on the list of priorities. Odile Renaud-Basso, the first woman head of an MDB as EBRD president, will begin her four-day visit in Gandhinagar for the Finance Ministers and Central Bank Governors gathering. From Gujarat, she is scheduled for a high-level roundtable with the Confederation of Indian Industry (CII) in New Delhi to discuss opportunities for the Indian private sector in EBRD countries of operations in Central Asia, Middle East and North Africa (MENA), Turkey and Eastern Europe. The key discussion which is relevant for us is everything related to the MDB reform agenda, which is very prominent in the G20 discussion now, said Renaud-Basso during a pre-visit interview. India has a very important role to play as the president of the G20 at a t

G-20 finance chiefs to debate war, debt distress and inflation in India

The discussions among the Group of 20 nations come as the war drags on for nearly 17 months, slowing the global economy and keeping policymakers on edge over resurgent inflation and stuttering growth

Intense drafting sessions to culture tourism, G20 Sherpa track packs it all

Cultural menu comes with real cuisine-that too authentic Kannada dishes, from starters to dessert

G20 Sherpas focusing on sustainable growth, not on contentious issue: Kant

Top negotiators from the G20 countries on Thursday kick started intense negotiations with a focus on India's priority of ensuring inclusive global growth and addressing the challenges facing the Global South while keeping aside the contentious issues of the Ukraine conflict. As New Delhi faces the uphill task of building consensus on the outcome documents for the grouping's annual summit in September, India's G20 Sherpa Amitabh Kant said the immediate priority is to look at "ambitious" issues of development, growth, finance and digital transformation. The top negotiators from the G20 member nations, invitee countries and delegates from various leading international institutions began their three-day deliberations under the Sherpa track on Thursday in this spiritual city. Kant said building consensus on inclusion of the African Union into the G20 as proposed by Prime Minister Narendra Modi will also be a focus area at the third Sherpas' meeting under India's presidency of the ...

India's role is to develop global consensus, says DEA secretary Ajay Seth

After 40 years of low inflation, there has been a spell of high inflation in the world with countries trying to figure ways to cope with it, the CEA said

Russia-Ukraine war discussion may be pushed to the last minute of G20 talks

On the first day, members discussed the preamble and conclusion paras of the proposed communique, he said

IMF sees 'pockets of resilience,' slowing momentum in global economy

Reduced supply chain disruptions and lower goods demand means likely disinflationary pressures from goods, the IMF said

G20 to discuss int'l debt architecture, more loans to developing nations

Countries like Zambia and Ghana have been waiting for big creditors to make progress in providing debt relief under the so called "Common Framework", which is led by the G20

Summit to act on reforming global financial system, says UN chief Guterres

UN Secretary-General Antonio Guterres has said that the G20 Summit to be hosted under India's Presidency provides an opportunity to take action on debt relief and reform the global financial system, as he voiced concern over the "crushing debt crisis" in the world. Speaking at the launch of a UN report 'A World of Debt' here on Wednesday, Guterres said, "Some 3.3 billion people almost half of humanity live in countries that spend more on debt interest payments than on education or health." "Half our world is sinking into a development disaster, fuelled by a crushing debt crisis," he said. Guterres said that because most of these unsustainable debts are concentrated in poor countries, they are not judged to pose a systemic risk to the global financial system. "This is a mirage," he warned, adding that 3.3 billion people is more than systemic risk. "It is a systemic failure. Markets may seem not (to) be suffering yet. But people are. Some of the poorest countries in the world are

Third FMCGB meeting to have five thematic areas: DEA secretary Ajay Seth

More than 520 delegates, including ministers, governors deputies, across 66 delegations will be participating in these meetings spread over five days