Ø After a high-profile G20 summit for India, at
which member countries backed New Delhi’s campaign to retrieve black money,
Prime Minister Narendra Modi will canvass support for his “Make in India” initiative among Australia’s large Indian
community in Sydney. Mr. Modi is expected to roll out his invitation to
expatriates to invest in India, as he did in the U.S., at the Allphones Arena
in Sydney’s Olympic Park. He will attend a special reception for nearly 200
prominent businessmen and professionals of Indian origin.
Ø In a major gain for India, the G20 summit endorsed the need for transparency and disclosure
by countries of tax information as Prime Minister Narendra Modi voiced support to the new global standard on
automatic exchange to tackle the black money issue. Raising the pitch on
the black money issue, Mr. Modi in his intervention at the summit of the Group
of 20 industrialised and major emerging economies called for close global
coordination to address the challenge posed by it.
Ø Vladimir Putin’s early exit from the G20 summit
in Australia after an icy reception from world leaders may further stoke
Russia-West tensions and lead to renewed fighting in Ukraine. Western
leaders piled huge pressure on the Russian President at the summit in Brisbane,
with host Tony Abbott calling on Mr. Putin to “atone” for the shooting down of
Flight MH17 and Britain’s David Cameron branding him a “bully.”
Ø The Modi government is in the process of
short-listing candidates for the president of the proposed BRICS bank -- the
New Development Bank. The BRICS nations — Brazil, Russia, India, China and
South Africa — had agreed at their sixth Summit in Fortaleza that India will
nominate the first president of the bank and that its headquarters will be
located in China. Reserve Bank Governor Raghuram Rajan, a Union Cabinet
Minister and a well-known banker in infrastructure finance have figured so far
in discussions on possible candidates for BRICS’
New Development Bank president. This
shortlist is not final; the Modi government is scouting for more names before
it takes a decision on the nomination.
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