<p dir="ltr">The ongoing second&nbsp;G20 Framework Working Group Meeting chaired by the chief economic advisors from India and UK will focus on the macroeconomic impact of food and energy insecurity, climate change and energy transition pathway(from fossil to non-fossil fuels), said India's Chief Economic Advisor (CEA), V Anantha Nageswaran. Being held in Chennai, Tamil Nadu on 24th and 25th March, the meeting will have delegates taking part from G20 nations, international and regional organisations. This is the second G20 Working group meeting to be held in the southern Indian city, in February the city hosted the maiden education working group meeting.</p>

<p dir="ltr">India's CEA said that the group will discuss Global macroeconomic issues of relevance today and deliberate on International Policy Cooperation and the means to strong, sustainable, balanced and inclusive growth. He added that this meeting was for exchanging information and experience on how different nations deal with food and energy insecurity issues, the results that each approach yielded, its unintended consequences etc. This is a senior bureaucrat-level meeting that is meant to facilitate communication, recognize problems and work on solutions.</p>

<p dir="ltr"><strong>ALSO READ |</strong>&nbsp;<a href="https://www.wionews.com/india-news/brahmos-in-talks-to-sell-missile-to-nations-in-south-east-asia-middle-east-ceo-atul-rane-575220">BrahMos in talks to sell missile to nations in South East Asia, Middle East: CEO Atul Rane</a></p>

<p>Citing an example, the CEA mentioned how developed nations used fossil fuels to power their growth over the last two or more centuries and now want developing nations to make a switch to renewable energy and reduce emissions.</p>

<p dir="ltr">"To reduce dependence on fossil fuels and sustain with renewable energy, a nation needs rare-earth elements and critical minerals. This raised questions about when we can switch, the financial means to do so and how long this transition will take? What happens to existing fuel refineries, what happens to coal mines and thermal power plants ?" We will talk about how the energy transition(from fossil fuels to non-fossil) can be managed and how long the impact of this will last. He added that it was not necessary for every participating nation to accept the recommendations raised at the meeting.</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/india?src=hash&amp;ref_src=twsrc%5Etfw">#india</a>’s chief <a href="https://twitter.com/hashtag/economic?src=hash&amp;ref_src=twsrc%5Etfw">#economic</a> advisor V.Anantha Nageswaran putting his <a href="https://twitter.com/hashtag/tamil?src=hash&amp;ref_src=twsrc%5Etfw">#tamil</a> linguistic flourish to great use at the <a href="https://twitter.com/hashtag/G20?src=hash&amp;ref_src=twsrc%5Etfw">#G20</a> press meet in <a href="https://twitter.com/hashtag/chennai?src=hash&amp;ref_src=twsrc%5Etfw">#chennai</a><br />
<br />
The 2nd Framework WG meet chaired by Ind-UK is on<br />
Focus: macroeconomic impact of food&amp; energy insecurity, clim change, energy transition <a href="https://t.co/THQ98rItWh">pic.twitter.com/THQ98rItWh</a></p>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1639145221106860035?ref_src=twsrc%5Etfw">March 24, 2023</a></blockquote>
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<p><strong>ALSO READ |&nbsp;</strong><a href="https://www.wionews.com/india-news/ajay-banga-tests-covid-positive-upon-arrival-in-india-meeting-with-top-officials-cancelled-575203">Ajay Banga tests Covid positive upon arrival in India, meeting with top officials cancelled</a></p>

<p dir="ltr">When WION queried about India's announcement of finding 5.9mn tons of lithium reserves in the Reasi district of Jammu and Kashmir and whether it would feature in the discussions, the CEA said that this particular grouping would not deal with that. However, he added that the time period from discovery to exploration, mining, extraction and commercial applications of such rare earth elements would at least take 10-15 years.</p>

<p dir="ltr">Speaking about the outcomes of this meeting, he said that the inputs generated in the two-day event would be shared at the G20 finance ministers, central bank governors meet that is to be held in Washington DC, during the second week of April.&nbsp;</p>

<p dir="ltr"><strong>WATCH WION LIVE HERE:</strong></p>

<p dir="ltr"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe></p>


The ongoing second G20 Framework Working Group Meeting chaired by the chief economic advisors from India and UK will focus on the macroeconomic impact of food and energy insecurity, climate change and energy transition pathway(from fossil to non-fossil fuels), said India's Chief Economic Advisor (CEA), V Anantha Nageswaran.

The ongoing second G20 Framework Working Group Meeting chaired by the chief economic advisors from India and UK will focus on the macroeconomic impact of food and energy insecurity, climate change and energy transition pathway(from fossil to non-fossil fuels), said India's Chief Economic Advisor (CEA), V Anantha Nageswaran. Being held in Chennai, Tamil Nadu on 24th and 25th March, the meeting will have delegates taking part from G20 nations, international and regional organisations. This is the second G20 Working group meeting to be held in the southern Indian city, in February the city hosted the maiden education working group meeting. India's CEA said that the group will discuss Global macroeconomic issues of relevance today and deliberate on International Policy Cooperation and the means to strong, sustainable, balanced and inclusive growth. He added that this meeting was for exchanging information and experience on how different nations deal with food and energy insecurity issues, the results that each approach yielded, its unintended consequences etc. This is a senior bureaucrat-level meeting that is meant to facilitate communication, recognize problems and work on solutions. ALSO READ | BrahMos in talks to sell missile to nations in South East Asia, Middle East: CEO Atul Rane Citing an example, the CEA mentioned how developed nations used fossil fuels to power their growth over the last two or more centuries and now want developing nations to make a switch to renewable energy and reduce emissions. "To reduce dependence on fossil fuels and sustain with renewable energy, a nation needs rare-earth elements and critical minerals. This raised questions about when we can switch, the financial means to do so and how long this transition will take? What happens to existing fuel refineries, what happens to coal mines and thermal power plants ?" We will talk about how the energy transition(from fossil fuels to non-fossil) can be managed and how long the impact of this will last. He added that it was not necessary for every participating nation to accept the recommendations raised at the meeting. #india’s chief #economic advisor V.Anantha Nageswaran putting his #tamil linguistic flourish to great use at the #G20 press meet in #chennai The 2nd Framework WG meet chaired by Ind-UK is on Focus: macroeconomic impact of food& energy insecurity, clim change, energy transition pic.twitter.com/THQ98rItWh — Sidharth.M.P (@sdhrthmp) March 24, 2023 × ALSO READ | Ajay Banga tests Covid positive upon arrival in India, meeting with top officials cancelled When WION queried about India's announcement of finding 5.9mn tons of lithium reserves in the Reasi district of Jammu and Kashmir and whether it would feature in the discussions, the CEA said that this particular grouping would not deal with that. However, he added that the time period from discovery to exploration, mining, extraction and commercial applications of such rare earth elements would at least take 10-15 years. Speaking about the outcomes of this meeting, he said that the inputs generated in the two-day event would be shared at the G20 finance ministers, central bank governors meet that is to be held in Washington DC, during the second week of April. WATCH WION LIVE HERE:

Second G20 framework working group meeting underway; chaired by India, UK

<p>The Indian government on Friday appointed V Anantha Nageswaran as the country’s new Chief Economic Advisor (CEA).</p>

<p>The Union Finance Ministry wrote on Twitter, “Government appoints Dr V Anantha Nageswaran as the Chief Economic Advisor and today, he has assumed charge.”</p>

<p>Nageswaran has replaced Krishnamurthy Subramanian, who demitted the office after completing his three-year term.</p>

<p>The move comes just days ahead of the presentation of India’s budget on February 1.</p>

<p>Nageswaran is a noted writer, author, teacher and consultant and has taught at several business schools and institutes of management in India and in Singapore.</p>

<p>From 2019 to 2021, Nageswaran remained a part-time visiting member of the economic advisory council to the Prime Minister of India.</p>

<p>Nageswaran holds a Post-Graduate Diploma from the prestigious Indian Institute of Management, Ahmedabad. He completed his doctorate from the University of Massachusetts in Amherst.&nbsp;</p>

<p>He was the Dean of the IFMR Graduate School of Business and a distinguished Visiting Professor of Economics at Krea University.</p>

<p>He served as an executive with Credit Suisse Group AG and Julius Baer Group.</p>

<p>The CEA is a secretary rank official attached to the finance ministry and is traditionally the main architect of the economic survey every year.</p>

<p>Former CEA Subramanian completed took charge on October 8, 2021. He announced that he will return to academia after resigning from the post.</p>

<p>A well-known Indian economist, Subramanian was appointed as CEA on December 7, 2018, after his predecessor Arvind Subramanian left the role.</p>

<p>(With inputs from agencies)</p>


The Indian government on Friday appointed V Anantha Nageswaran as the country’s new Chief Economic Advisor (CEA). The Union Finance Ministry wrote on Twitter, “Government appoints Dr V Anantha Nageswaran as the Chief Economic Advisor and today, he has assumed charge.

The Indian government on Friday appointed V Anantha Nageswaran as the country’s new Chief Economic Advisor (CEA). The Union Finance Ministry wrote on Twitter, “Government appoints Dr V Anantha Nageswaran as the Chief Economic Advisor and today, he has assumed charge.” Nageswaran has replaced Krishnamurthy Subramanian, who demitted the office after completing his three-year term. The move comes just days ahead of the presentation of India’s budget on February 1. Nageswaran is a noted writer, author, teacher and consultant and has taught at several business schools and institutes of management in India and in Singapore. From 2019 to 2021, Nageswaran remained a part-time visiting member of the economic advisory council to the Prime Minister of India. Nageswaran holds a Post-Graduate Diploma from the prestigious Indian Institute of Management, Ahmedabad. He completed his doctorate from the University of Massachusetts in Amherst. He was the Dean of the IFMR Graduate School of Business and a distinguished Visiting Professor of Economics at Krea University. He served as an executive with Credit Suisse Group AG and Julius Baer Group. The CEA is a secretary rank official attached to the finance ministry and is traditionally the main architect of the economic survey every year. Former CEA Subramanian completed took charge on October 8, 2021. He announced that he will return to academia after resigning from the post. A well-known Indian economist, Subramanian was appointed as CEA on December 7, 2018, after his predecessor Arvind Subramanian left the role. (With inputs from agencies)

Ahead of budget 2022, Indian govt appoints Nageswaran as the new Chief Economic Advisor

<p>Expressing optimism over India’s GDP performance in the second quarter, country’s Chief Economic Adviser (CEA) K V Subramanian on Tuesday said the Asia’s third-largest economy is expected to register double-digit growth in the current financial year, aided by rising demand and a robust banking sector.</p>

<p>He also said India is expected to grow at 6.5 to 7 per cent in 2022-23 and over 7 per cent thereafter.</p>

<p>“India is likely to have a double-digit growth this year; overall growth for the first half has been 13.7 per cent. So, even a little more than 6 per cent growth in the subsequent quarters should be able to deliver double-digit growth for this year; India's expected to grow 6.5-7 per cent in 2022</p>

<p>India's GDP growth soared by 8.4 per cent in the second quarter of 2021-22, with the economy surpassing the pre-COVID level, official data showed on Tuesday.</p>

<p>With regards to fiscal deficit, he said the Budget estimate is likely to be met.</p>

<p><strong>Also read |</strong><a href="https://www.wionews.com/india-news/india-grows-fastest-among-major-economies-gdp-expands-84-per-cent-in-second-quarter-433054">&nbsp;India grows fastest among major economies, GDP expands 8.4 per cent in second quarter</a></p>

<p>The government estimates fiscal deficit at 6.8 per cent of the gross domestic product (GDP) for the current financial year ending on March 31, 2022.</p>

<p>“Formal sector has emerged well from Covid crisis, informal sector, even though it's been impacted, the nature of its production means that it'll be less impacted. Financial sector has emerged stronger and manufacturing sector shows that India in this decade should grow,” said Subramanian, whose tenure ends on December 6.</p>

<p>“Compared to 2020, there has been a 38.3% increase in capital expenditure in the first half of 2021, which is noteworthy. Since capital expenditures are much higher this year, it's important to understand the inflation dynamics," he added.</p>

<p><em>(With inputs from agencies)</em></p>


Expressing optimism over India’s GDP performance in the second quarter, country’s Chief Economic Adviser (CEA) K V Subramanian on Tuesday said the Asia’s third-largest economy is expected to register double-digit growth in the current financial year, aided by rising demand and a robust banking sector.

Expressing optimism over India’s GDP performance in the second quarter, country’s Chief Economic Adviser (CEA) K V Subramanian on Tuesday said the Asia’s third-largest economy is expected to register double-digit growth in the current financial year, aided by rising demand and a robust banking sector. He also said India is expected to grow at 6.5 to 7 per cent in 2022-23 and over 7 per cent thereafter. “India is likely to have a double-digit growth this year; overall growth for the first half has been 13.7 per cent. So, even a little more than 6 per cent growth in the subsequent quarters should be able to deliver double-digit growth for this year; India's expected to grow 6.5-7 per cent in 2022 India's GDP growth soared by 8.4 per cent in the second quarter of 2021-22, with the economy surpassing the pre-COVID level, official data showed on Tuesday. With regards to fiscal deficit, he said the Budget estimate is likely to be met. Also read | India grows fastest among major economies, GDP expands 8.4 per cent in second quarter The government estimates fiscal deficit at 6.8 per cent of the gross domestic product (GDP) for the current financial year ending on March 31, 2022. “Formal sector has emerged well from Covid crisis, informal sector, even though it's been impacted, the nature of its production means that it'll be less impacted. Financial sector has emerged stronger and manufacturing sector shows that India in this decade should grow,” said Subramanian, whose tenure ends on December 6. “Compared to 2020, there has been a 38.3% increase in capital expenditure in the first half of 2021, which is noteworthy. Since capital expenditures are much higher this year, it's important to understand the inflation dynamics," he added. (With inputs from agencies)

India to register double-digit growth this year, says govt’s chief economic advisor

<p>Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks.</p>

<p>The RBI further said that concerns about the safety of deposits in banks are based on a flawed analysis.</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/india-news/yes-bank-founder-rana-kapoor-sent-in-ed-custody-till-march-11-285078">Yes Bank founder Rana Kapoor sent in ED custody till March 11</a></strong></p>

<p>"Concern has been raised in certain sections of media about the safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk-Weighted Assets (CRAR) and not on market cap," the central bank said in a tweet.</p>

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<p dir="ltr" lang="en">Concern has been raised in certain sections of media about safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk Weighted Assets (CRAR) and not on market cap. (1/2)</p>
— ReserveBankOfIndia (@RBI) <a href="https://twitter.com/RBI/status/1236617795812470787?ref_src=twsrc%5Etfw">March 8, 2020</a></blockquote>
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<p>"RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of the safety of their deposits in any bank," its second tweet said.</p>

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<p dir="ltr" lang="en">RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of safety of their deposits in any bank. (2/2)</p>
— ReserveBankOfIndia (@RBI) <a href="https://twitter.com/RBI/status/1236617836757278720?ref_src=twsrc%5Etfw">March 8, 2020</a></blockquote>
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<p>Earlier, echoing similar sentiments, Chief Economic Adviser Krishnamurthy Subramanian said Indian banks are well capitalised and there is no reason to worry, adding that it is a wrong method to assess a lender's health based on the ratio of deposit to m-cap (market capitalisation).</p>

<p>"What I want to emphatically state that the m-cap ratio is a totally incorrect metric for assessing the safety of the banks. No banking sector expert or banking regulator uses this measure," Subramanian said.</p>

<p><strong>Watch:&nbsp;&nbsp;</strong></p>

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<p>A day after imposing a 30-day moratorium on Yes Bank and capping withdrawal limit at Rs 50,000, the RBI on Friday evening had issued a draft reconstruction scheme for the private sector lender.</p>

<p>As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.</p>


Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks.

Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks. The RBI further said that concerns about the safety of deposits in banks are based on a flawed analysis. Also read: Yes Bank founder Rana Kapoor sent in ED custody till March 11 "Concern has been raised in certain sections of media about the safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk-Weighted Assets (CRAR) and not on market cap," the central bank said in a tweet. Concern has been raised in certain sections of media about safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk Weighted Assets (CRAR) and not on market cap. (1/2) — ReserveBankOfIndia (@RBI) March 8, 2020 × "RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of the safety of their deposits in any bank," its second tweet said. RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of safety of their deposits in any bank. (2/2) — ReserveBankOfIndia (@RBI) March 8, 2020 × Earlier, echoing similar sentiments, Chief Economic Adviser Krishnamurthy Subramanian said Indian banks are well capitalised and there is no reason to worry, adding that it is a wrong method to assess a lender's health based on the ratio of deposit to m-cap (market capitalisation). "What I want to emphatically state that the m-cap ratio is a totally incorrect metric for assessing the safety of the banks. No banking sector expert or banking regulator uses this measure," Subramanian said. Watch: × A day after imposing a 30-day moratorium on Yes Bank and capping withdrawal limit at Rs 50,000, the RBI on Friday evening had issued a draft reconstruction scheme for the private sector lender. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

RBI reiterates depositors' money safe in banks; concerns based on 'flawed' analysis

<p>Chief Economic Adviser KV Subramanian will table the new <a href="https://www.wionews.com/opinions/narendra-modi-20-would-propel-affordable-housing-in-india-224832">Narendra Modi</a> government`s first Economic Survey in Parliament on Thursday.</p>

<p>"Looking forward with excitement to table my first and the new Government`s first - Economic Survey in Parliament on Thursday. #EcoSurvey2019" he tweeted on Tuesday.&nbsp;</p>

<p>The Economic Survey is an outlook of developments in the economy that is presented a day before the Union Budget.</p>

<p>The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.</p>

<p>Subramanian was appointed as the Chief Economic Adviser in December last year, nearly six months after <a href="https://www.wionews.com/india-news/it-was-the-best-job-enriching-and-exciting-says-outgoing-cea-arvind-subramanian-145861">Arvind Subramanian</a> stepped down from the post at the end of his term owing to "pressing family commitments."</p>

<p>The first full-fledged budget of the Union Government will be tabled on Friday by Finance Minister Nirmala Sitharaman.</p>


Chief Economic Adviser KV Subramanian will table the new Narendra Modi government`s first Economic Survey in Parliament on Thursday. "Looking forward with excitement to table my first and the new Government`s first - Economic Survey in Parliament on Thursday.

Chief Economic Adviser KV Subramanian will table the new Narendra Modi government`s first Economic Survey in Parliament on Thursday. "Looking forward with excitement to table my first and the new Government`s first - Economic Survey in Parliament on Thursday. #EcoSurvey2019" he tweeted on Tuesday. The Economic Survey is an outlook of developments in the economy that is presented a day before the Union Budget. The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy. Subramanian was appointed as the Chief Economic Adviser in December last year, nearly six months after Arvind Subramanian stepped down from the post at the end of his term owing to "pressing family commitments." The first full-fledged budget of the Union Government will be tabled on Friday by Finance Minister Nirmala Sitharaman.