Expecting India to “shine” at the upcoming G-20 Summit, host country Australia on Wednesday said Prime Minister Narendra Modi will make a “terrific contribution” to this grouping of top world economies. The two-day Summit of the leaders of 20 major economies of the world would begin in Brisbane on November 15.
“From our perspective, we think that Modi will make a terrific contribution to the G-20. We think India will shine at G-20,” Australian High Commissioner Patrick Suckling said. “We feel that Modi’s domestic agenda is exactly the sort of agenda which G-20 is prioratising…which is domestic economic reforms, ease of doing business and a big focus on infrastructure,” he said, while talking to reporters ahead of the G-20 summit.
The important agenda of the G-20, he said, includes raising global growth by an additional 2% in the next five years, promoting investment in infrastructure sector, boosting global trade and dealing with taxation issues concerning Base Erosion and Profit Shifting (BEPS). Besides Modi, the meeting will be attended by US President Barack Obama and other world leaders. Modi will also address Australian Parliament.
“This is historic visit for us…it will be first address to the joint session of Parliament by Indian leader ever… That will come a day after Chinese President Xi Jinping address to the Australian Parliament. So that will be in itself fascinating,” Suckling said. During his stay in Australia, Modi will also interact with the members of the Indian community at Brisbane, Sydney, Canberra and Melbourne.
Elaborating on the G20 agenda for Brisbane, Suckling said that as many as 900 reform measures have been put forth by the members of the grouping and their implementation would help in raising the global GDP by an additional 2% over the next five years. The growth would mainly be driven by private sector investment and special focus would be on infrastructure, he said, adding that there is a lot of money in the global system and effort would have to be made to channelise it.
Besides, he said, the focus would be on trade and ease of doing business, which is in line with the agenda of the Modi government. He also said there is a need to strengthen the global supply chain and hopefully the G20 would come out with some package to improve global trade.
On taxation issues, Suckling said the members are in agreement on six different areas of cooperation to deal with the issues concerning Base Erosion and Profit Sharing (BEPS). India has been spearheading the campaign at global forum for automatic exchange of information with a view to checking black money menace and shifting of profits for avoiding payment of taxes. The G-20 would also deliberate upon energy related issues.