With the increasing frequency and severity of disasters that are wreaking havoc around the world, India, under its Presidency of the Group of 20 nations&nbsp;has constituted a first-of-its-kind Disaster Risk Reduction Working Group. After completing the initial meetings in Ahmedabad and Mumbai, the G20 Working Group commenced its third meeting in the southern Indian city of Chennai.

This key outcome of this meeting is expected to be the release of the Communique or the Joint statement, which is a set of recommendations that the group will put forth to the Sherpa (G20 representative of the Head of State/Head of Government) and will thereafter be discussed at the G20 Leaders meeting in September, at New Delhi.&nbsp;

<h2>Ambition of G20&nbsp;Disaster Risk Reduction Working Group must match scale of problem: PK Mishra</h2>

Speaking at the inaugural session, Dr PK Mishra, Principal Secretary to India's Prime Minister Narendra Modi highlighted the effects of climate change, and related disasters and listed out the Forest fires in Canada, the resultant haze in North America, major cyclonic activity on India's East and West Coast, unprecedented flooding in New Delhi (worst in 45yrs), among others. "Climate change-related&nbsp;disasters are already here - enormous, interconnected and affect everyone across the planet. The ambition of this group must match the scale of the problem, we need a transformation of local, national and global disaster risk reduction systems" he said.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/must-bring-in-gender-parity-in-15-years-indias-g20-sherpa-amitabh-kant-to-wion-604956">Must bring in gender parity in 15 years: India's G20 Sherpa Amitabh Kant to WION</a>

According to Kamal Kishore, Member Secretary of India's National Disaster Management Authority, the key focus areas of this group are: Ensure early warning for all, Investing in climate and disaster resilient infrastructure, Improving financing framework for disaster risk reduction, Improve systems for better post-disaster recovery, Ecosystem-based approaches to disaster risk reduction.&nbsp;

Preparing for and working towards reducing the risk of disasters is the primary objective of India's National Disaster Management Authority&nbsp;(NDMA) and this activity is now being taken to the global stage and the exchange of ideas is being carried out with foreign counterparts, he said.&nbsp;

<h2>Spotlight on Sendai Framework</h2>

Lt Gen Syed Ata Hasnain (Retd), Member, NDMA said that the G20 Disaster Risk Reduction Meeting was aimed at fulfilling the criteria that are envisioned by the Sendai Framework.&nbsp;The Sendai Framework for Disaster Risk Reduction 2015-2030 (Sendai Framework) was the first major agreement of the post-2015 development agenda and provides Member States with concrete actions to protect development gains from the risk of disaster.&nbsp;

Also watch |&nbsp;India's G20 Presidency: Weaving inclusive growth

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indias-g20-presidency-weaving-inclusive-growth-583617/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The Sendai Framework works hand in hand with the other 2030 Agenda agreements, including The Paris Agreement on Climate Change, The Addis Ababa Action Agenda on Financing for Development, the New Urban Agenda, and ultimately the Sustainable Development Goals.&nbsp;It was endorsed by the UN General Assembly following the 2015 Third UN World Conference on Disaster Risk Reduction (WCDRR), and advocates for:&nbsp;The substantial reduction of disaster risk and losses in lives, livelihoods and health and in the economic, physical, social, cultural and environmental assets of persons, businesses, communities and countries.

Queried about the increased international cooperation in sharing sensor data and warnings on Tsunami, earthquakes, and cyclones,&nbsp;Kamal Kishore told WION that the observation data from various sensors are global public goods and such data is fed to global models and is useful to all nations. He also highlighted the need to improve the density of such networks, provide&nbsp;access to warnings and timely dissemination and the capability to act on the warnings.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

With the increasing frequency and severity of disasters that are wreaking havoc around the world, India, under its Presidency of the Group of 20 nations has constituted a first-of-its-kind Disaster Risk Reduction Working Group.

With the increasing frequency and severity of disasters that are wreaking havoc around the world, India, under its Presidency of the Group of 20 nations has constituted a first-of-its-kind Disaster Risk Reduction Working Group. After completing the initial meetings in Ahmedabad and Mumbai, the G20 Working Group commenced its third meeting in the southern Indian city of Chennai. This key outcome of this meeting is expected to be the release of the Communique or the Joint statement, which is a set of recommendations that the group will put forth to the Sherpa (G20 representative of the Head of State/Head of Government) and will thereafter be discussed at the G20 Leaders meeting in September, at New Delhi. Ambition of G20 Disaster Risk Reduction Working Group must match scale of problem: PK Mishra Speaking at the inaugural session, Dr PK Mishra, Principal Secretary to India's Prime Minister Narendra Modi highlighted the effects of climate change, and related disasters and listed out the Forest fires in Canada, the resultant haze in North America, major cyclonic activity on India's East and West Coast, unprecedented flooding in New Delhi (worst in 45yrs), among others. "Climate change-related disasters are already here - enormous, interconnected and affect everyone across the planet. The ambition of this group must match the scale of the problem, we need a transformation of local, national and global disaster risk reduction systems" he said. Also read | Must bring in gender parity in 15 years: India's G20 Sherpa Amitabh Kant to WION According to Kamal Kishore, Member Secretary of India's National Disaster Management Authority, the key focus areas of this group are: Ensure early warning for all, Investing in climate and disaster resilient infrastructure, Improving financing framework for disaster risk reduction, Improve systems for better post-disaster recovery, Ecosystem-based approaches to disaster risk reduction. Preparing for and working towards reducing the risk of disasters is the primary objective of India's National Disaster Management Authority (NDMA) and this activity is now being taken to the global stage and the exchange of ideas is being carried out with foreign counterparts, he said. Spotlight on Sendai Framework Lt Gen Syed Ata Hasnain (Retd), Member, NDMA said that the G20 Disaster Risk Reduction Meeting was aimed at fulfilling the criteria that are envisioned by the Sendai Framework. The Sendai Framework for Disaster Risk Reduction 2015-2030 (Sendai Framework) was the first major agreement of the post-2015 development agenda and provides Member States with concrete actions to protect development gains from the risk of disaster. Also watch | India's G20 Presidency: Weaving inclusive growth × The Sendai Framework works hand in hand with the other 2030 Agenda agreements, including The Paris Agreement on Climate Change, The Addis Ababa Action Agenda on Financing for Development, the New Urban Agenda, and ultimately the Sustainable Development Goals. It was endorsed by the UN General Assembly following the 2015 Third UN World Conference on Disaster Risk Reduction (WCDRR), and advocates for: The substantial reduction of disaster risk and losses in lives, livelihoods and health and in the economic, physical, social, cultural and environmental assets of persons, businesses, communities and countries. Queried about the increased international cooperation in sharing sensor data and warnings on Tsunami, earthquakes, and cyclones, Kamal Kishore told WION that the observation data from various sensors are global public goods and such data is fed to global models and is useful to all nations. He also highlighted the need to improve the density of such networks, provide access to warnings and timely dissemination and the capability to act on the warnings. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

G20 nations discuss disaster risk reduction amid rising frequency of natural calamities

Floods, cyclones and natural disasters affecting different parts of the world at the moment under India's G20 Presidency. A lot of emphasis is being laid on Disaster Risk Reduction for the first time ever in the G20.

'India bringing G20 together on Disaster Risk Reduction,' says Principal Secy to India's PM | WION

Energy ministers from the G20 nations met in the Indian state of Goa to discuss the further phase-out of fossil fuels but were unable to come to an agreement as record-breaking temperatures, floods, storms, and heat waves wreaked havoc throughout the world.

G20 nations fail to agree on phasing down unabated fossil fuels

Indian Prime Minister Narendra Modi, while laying emphasis on the country's climate 
commitments, said that India has demonstrated leadership in climate action and achieved its non-fossil installed electric capacity target nine years in advance.

On Saturday, in a video message to the G20 Energy Ministerial Meeting in Goa, the Prime Minister said that India plans to achieve 50 per cent non-fossil installed capacity by the year 2030.

“No talk about the future, sustainability or growth and development can be complete without energy. It impacts development at all levels, from individuals to nations,” the Prime Minister said at the meeting that brought together ministers from the countries in the G20 grouping.

He then underlined that India is among the top global leaders in solar as well as wind power and is making great efforts in green growth and energy transition.

“India is the most populated nation and the fastest-growing large economy in the world yet we are moving strongly on our climate commitments... We achieved our non-fossil, installed electric capacity target 9 years in advance. We have now set a higher target, we plan to achieve 50 per cent non-fossil installed capacity by 2030," PM Modi said.

He further highlighted that the entire world looks to the G20&nbsp;group to advance sustainable, just, affordable, inclusive, and clean energy transition and urged them to ensure that the Global South is not left behind.

“We must ensure low-cost finance for developing countries,” PM Modi said.

“We must find ways to bridge technology gaps, promote energy security, and work on diversifying supply chains. And, we must strengthen collaboration on the 'fuels for the future,'” he said.

Also read: <a href="https://www.wionews.com/business-economy/india-trashes-chinese-ev-maker-byds-proposal-to-set-up-1bn-plant-618479">India trashes Chinese EV maker BYD’s proposal to set up $1 billion plant</a>

<h2>Historic milestone of connecting every village to electricity achieved, says PM Modi</h2>

In his video message, he also said that more than 119 million families in the country have got LPG connections in the last nine years. “We have also achieved the historic milestone of connecting every village to electricity,” he said.

"In 2015, we began a small movement, by launching a scheme for the use of LED lights, this became the largest LED distribution programme in the world. Saving more than 45 billion units of energy per year," the prime minister said.

He further added that India's domestic electrical market is projected to reach 10 million annual sales by 2030.

"We have commenced the rollout of 20 per cent ethanol-blended petrol this year. Our aim is to cover the entire country by 2025," he said.

"The aim is to make India, a global hub for the production, use and export of green hydrogen and its derivatives," the PM said.

(With inputs from agencies)

 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Indian Prime Minister Narendra Modi, while laying emphasis on the country's climate commitments, said that India has demonstrated leadership in climate action and achieved its non-fossil installed electric capacity target nine years in advance.

Indian Prime Minister Narendra Modi, while laying emphasis on the country's climate commitments, said that India has demonstrated leadership in climate action and achieved its non-fossil installed electric capacity target nine years in advance. On Saturday, in a video message to the G20 Energy Ministerial Meeting in Goa, the Prime Minister said that India plans to achieve 50 per cent non-fossil installed capacity by the year 2030. “No talk about the future, sustainability or growth and development can be complete without energy. It impacts development at all levels, from individuals to nations,” the Prime Minister said at the meeting that brought together ministers from the countries in the G20 grouping. He then underlined that India is among the top global leaders in solar as well as wind power and is making great efforts in green growth and energy transition. “India is the most populated nation and the fastest-growing large economy in the world yet we are moving strongly on our climate commitments... We achieved our non-fossil, installed electric capacity target 9 years in advance. We have now set a higher target, we plan to achieve 50 per cent non-fossil installed capacity by 2030," PM Modi said. He further highlighted that the entire world looks to the G20 group to advance sustainable, just, affordable, inclusive, and clean energy transition and urged them to ensure that the Global South is not left behind. “We must ensure low-cost finance for developing countries,” PM Modi said. “We must find ways to bridge technology gaps, promote energy security, and work on diversifying supply chains. And, we must strengthen collaboration on the 'fuels for the future,'” he said. Also read: India trashes Chinese EV maker BYD’s proposal to set up $1 billion plant Historic milestone of connecting every village to electricity achieved, says PM Modi In his video message, he also said that more than 119 million families in the country have got LPG connections in the last nine years. “We have also achieved the historic milestone of connecting every village to electricity,” he said. "In 2015, we began a small movement, by launching a scheme for the use of LED lights, this became the largest LED distribution programme in the world. Saving more than 45 billion units of energy per year," the prime minister said. He further added that India's domestic electrical market is projected to reach 10 million annual sales by 2030. "We have commenced the rollout of 20 per cent ethanol-blended petrol this year. Our aim is to cover the entire country by 2025," he said. "The aim is to make India, a global hub for the production, use and export of green hydrogen and its derivatives," the PM said. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India plans to achieve 50% non-fossil installed capacity by 2030, says PM Narendra Modi at G20 Energy Meeting

India's significant domestic consumption will shield it from the effects of an expected global slowdown at the beginning of the next year, World Bank President Ajay Banga said in New Delhi on Wednesday.

<h2>Risk of slowdown in world economy next year: Ajay Banga</h2>

The World Bank president said that while the overall outlook for the world economy is "better than expectations", the risk on the downside in terms of a potential slowdown early on during 2023 cannot be written off just yet.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/indian-origin-ajay-banga-confirmed-as-world-banks-next-president-588606">Indian-origin Ajay Banga confirmed as World Bank's next president</a>

"Since India gets a lot of its gross domestic product from domestic consumption, even if the world were to slow down for a few months, India has a natural cushion against (it),” Banga told a group of media persons in New Delhi after his meeting with India's finance minister Nirmala Sitharaman.

<h2>Ajay Banga &amp; Nirmala Sitharaman hold talks</h2>

The World Bank president and India's finance minister reportedly discussed India's developmental priorities. Like many developing economies focused on harnessing their human capital alongside alleviation of poverty and infrastructure upgrades, New Delhi's developmental priorities also include seeking assistance from the World Bank Group in leveraging private investments.

Also watch |&nbsp;Indian-origin Ajay Banga elected as new World Bank president for 5-year term

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-origin-ajay-banga-elected-as-new-world-bank-president-for-5-year-term-600025/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

For the World Bank, India is reportedly one of the largest markets in its portfolio.

"The finance minister mentioned that bridging the knowledge and technology gaps is key to future economic development and the World Bank should accelerate efforts to share the Indian development experience with the Global South," India's finance ministry in a tweet.

<h2>India has opportunity to cash in on China Plus One move of companies: Ajay Banga</h2>

Previously, during his visit to a skill centre&nbsp;in New Delhi, while responding to a question on India's ability to produce more high-income jobs, Banga said that India has an opportunity to cash in&nbsp;on companies diversifying their supply chains beyond China, in what is being known as China Plus One move of the global firms.

"We need to understand where these jobs are. They are in technology, which is very few... then they are in manufacturing. I think India’s opportunity currently is to cash in on the China Plus One opportunity. This opportunity won’t stay open for 10 years. It is a three- to five-year opportunity when supply chains start relocating or add another location that is going to need work," he said.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

India's significant domestic consumption will shield it from the effects of an expected global slowdown at the beginning of the next year, World Bank President Ajay Banga said in New Delhi on Wednesday.

India's significant domestic consumption will shield it from the effects of an expected global slowdown at the beginning of the next year, World Bank President Ajay Banga said in New Delhi on Wednesday. Risk of slowdown in world economy next year: Ajay Banga The World Bank president said that while the overall outlook for the world economy is "better than expectations", the risk on the downside in terms of a potential slowdown early on during 2023 cannot be written off just yet. Also read | Indian-origin Ajay Banga confirmed as World Bank's next president "Since India gets a lot of its gross domestic product from domestic consumption, even if the world were to slow down for a few months, India has a natural cushion against (it),” Banga told a group of media persons in New Delhi after his meeting with India's finance minister Nirmala Sitharaman. Ajay Banga & Nirmala Sitharaman hold talks The World Bank president and India's finance minister reportedly discussed India's developmental priorities. Like many developing economies focused on harnessing their human capital alongside alleviation of poverty and infrastructure upgrades, New Delhi's developmental priorities also include seeking assistance from the World Bank Group in leveraging private investments. Also watch | Indian-origin Ajay Banga elected as new World Bank president for 5-year term × For the World Bank, India is reportedly one of the largest markets in its portfolio. "The finance minister mentioned that bridging the knowledge and technology gaps is key to future economic development and the World Bank should accelerate efforts to share the Indian development experience with the Global South," India's finance ministry in a tweet. India has opportunity to cash in on China Plus One move of companies: Ajay Banga Previously, during his visit to a skill centre in New Delhi, while responding to a question on India's ability to produce more high-income jobs, Banga said that India has an opportunity to cash in on companies diversifying their supply chains beyond China, in what is being known as China Plus One move of the global firms. "We need to understand where these jobs are. They are in technology, which is very few... then they are in manufacturing. I think India’s opportunity currently is to cash in on the China Plus One opportunity. This opportunity won’t stay open for 10 years. It is a three- to five-year opportunity when supply chains start relocating or add another location that is going to need work," he said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India has 'natural cushion' against potential global slowdown next year: World Bank president

A picture from the G20 Finance Ministers' meeting in India shows how women are leading some of the biggest economies in the world. Even in the 21st century women are mostly absent from the financial sectors. The economy forums are usually dominated by men and their black suits but these women are changing the norm women had in the International Monetary Fund, the World Trade Organization, the US treasury and European Central Bank. However, more broadly women remain a small minority in this field.

Impact of Women on the global economy with refreshing images from G20 Meet

The Indian government is actively preparing to introduce a new tax reform that aims to increase the share of taxes paid by multinational corporations (MNCs) to the countries where they generate significant profits. With this move, India is urging its Group of 20 (G20) partners to bolster the proportion of taxes collected from MNCs on their ‘excess profits', according to a government official cited by Reuters.

This proposed reform has the potential to have a substantial impact on the global corporate landscape by challenging outdated regulations and striving for a fairer and more equitable taxation system.

Over 140 nations were scheduled to commence the implementation of a groundbreaking agreement in 2021 that seeks to revamp long-standing rules governing the taxation of multinational corporations. The current regulations have been widely regarded as obsolete, especially in light of the rise of digital giants like Apple and Amazon, which often report profits in jurisdictions with low tax rates.

The United States spearheads the international agreement that seeks to impose a minimum 15 percent tax on large multinational corporations. Additionally, the agreement includes an extra 25 percent tax on 'excess profits,'&nbsp;as defined by the Organization for Economic Cooperation and Development (OECD).

Despite the United States&nbsp;efforts to rally support for this agreement, reservations and concerns from several countries have posed a threat to its implementation. In response to the uncertain prospects of the global agreement, India has taken the initiative to put forth its own proposal as an alternative solution.

Reuters cited an official who revealed that India has put forward recommendations to ensure it receives its fair share of taxation rights on the surplus earnings of multinational corporations. These proposals have been submitted to the Organization for Economic Cooperation and Development (OECD) and are expected to be thoroughly discussed during the G20 summit held on Monday and Tuesday.

Under the agreement, global companies generating annual revenues exceeding $20 billion will be considered to have excess profits if their annual profit growth surpasses 10 percent. The proposed measure suggests a 25 percent levy on these excess revenues, which would be distributed among nations accordingly.

India, renowned as the world's most populous nation and one of the largest consumer marketplaces, is actively advocating for a larger portion of taxes to be allocated to the markets where corporations conduct their business. According to the People's Research on India's Consumer Economy, the average household income in India is projected to more than triple to $27,000 by the end of 2047, further highlighting the country's growing economic significance.

As the host country of the G20 summit, India will additionally propose the separation of withholding taxation from the concept of excess profit tax. The existing guidelines necessitate that countries offset their tax share through the withholding tax collected by companies when making payments to vendors and workers.

In a recent publication, the Organization for Economic Cooperation and Development (OECD) acknowledged that a few jurisdictions have expressed reservations regarding the equitable distribution of taxation rights among nations. The OECD further affirmed that efforts are being made to address these concerns and prepare the Multilateral Convention for prompt implementation&nbsp;and&nbsp;signing.

The Indian government is actively preparing to introduce a new tax reform that aims to increase the share of taxes paid by multinational corporations (MNCs) to the countries where they generate significant profits.

The Indian government is actively preparing to introduce a new tax reform that aims to increase the share of taxes paid by multinational corporations (MNCs) to the countries where they generate significant profits. With this move, India is urging its Group of 20 (G20) partners to bolster the proportion of taxes collected from MNCs on their ‘excess profits', according to a government official cited by Reuters. This proposed reform has the potential to have a substantial impact on the global corporate landscape by challenging outdated regulations and striving for a fairer and more equitable taxation system. Over 140 nations were scheduled to commence the implementation of a groundbreaking agreement in 2021 that seeks to revamp long-standing rules governing the taxation of multinational corporations. The current regulations have been widely regarded as obsolete, especially in light of the rise of digital giants like Apple and Amazon, which often report profits in jurisdictions with low tax rates. The United States spearheads the international agreement that seeks to impose a minimum 15 percent tax on large multinational corporations. Additionally, the agreement includes an extra 25 percent tax on 'excess profits,' as defined by the Organization for Economic Cooperation and Development (OECD). Despite the United States efforts to rally support for this agreement, reservations and concerns from several countries have posed a threat to its implementation. In response to the uncertain prospects of the global agreement, India has taken the initiative to put forth its own proposal as an alternative solution. Reuters cited an official who revealed that India has put forward recommendations to ensure it receives its fair share of taxation rights on the surplus earnings of multinational corporations. These proposals have been submitted to the Organization for Economic Cooperation and Development (OECD) and are expected to be thoroughly discussed during the G20 summit held on Monday and Tuesday. Under the agreement, global companies generating annual revenues exceeding $20 billion will be considered to have excess profits if their annual profit growth surpasses 10 percent. The proposed measure suggests a 25 percent levy on these excess revenues, which would be distributed among nations accordingly. India, renowned as the world's most populous nation and one of the largest consumer marketplaces, is actively advocating for a larger portion of taxes to be allocated to the markets where corporations conduct their business. According to the People's Research on India's Consumer Economy, the average household income in India is projected to more than triple to $27,000 by the end of 2047, further highlighting the country's growing economic significance. As the host country of the G20 summit, India will additionally propose the separation of withholding taxation from the concept of excess profit tax. The existing guidelines necessitate that countries offset their tax share through the withholding tax collected by companies when making payments to vendors and workers. In a recent publication, the Organization for Economic Cooperation and Development (OECD) acknowledged that a few jurisdictions have expressed reservations regarding the equitable distribution of taxation rights among nations. The OECD further affirmed that efforts are being made to address these concerns and prepare the Multilateral Convention for prompt implementation and signing.

India pushes for tax reform on MNC's profits, urges G20 to support fair taxation on ‘excess profits.'

The G20 Finance ministers meeting is set to begin today in the Indian state of Gujarat. A host of issues are lined up for discussion US Treasury Secretary Janet Yellen will be pushing for reforms in multilateral development banks. Yellen is also expected to meet Indian Finance Minister Nirmala Sithraman in a scheduled meeting.

G20 Finance Minister's meet: Yellen to meet India's Finance Minister

Janet Yellen's visit to India, where she attended a crucial G20 meeting and engaged in discussions with prominent Indian officials, is seen as an indication of the United States intention to strengthen cooperation with China. U.S. Treasury Secretary Yellen expressed eagerness on Sunday to foster collaboration with China in various areas of mutual concern, particularly in debt restructuring for impoverished nations.

She also emphasized the need for reforms within multilateral development banks before any consideration of capital increases. This stance underscores the U.S.'s efforts to promote international cooperation and address pressing global challenges.

During a press conference preceding a gathering of the Group of 20 finance ministers and central bankers in India, Janet Yellen highlighted the positive outcomes of her recent visit to Beijing, stating that it has contributed to solidifying the relationship between the United States and China. Yellen emphasized that as the world's two largest economies, there is an obligation to collaborate on matters of shared interest, reflecting a commitment to international cooperation. The remarks underscore the importance of fostering a constructive and cooperative approach between the US and China to address global concerns.

Janet Yellen placed stress on addressing debt restructuring for underprivileged nations and implementing reforms within multilateral banking institutions. Reuters cited Yellen as highlighting the need for a comprehensive "user guide" on debt restructuring to provide clear guidance to borrowing nations and other stakeholders involved in the process.

She also underscored the importance of strengthening the financial stability of the International Monetary Fund's Poverty Reduction and Growth Trust, which offers interest-free loans to the most impoverished countries. Yellen expressed the willingness of the US Treasury to support the IMF in exploring various options, including the utilization of internal fund resources. These remarks highlight Yellen's dedication to addressing the challenges faced by indebted nations and advocating for the improvement of global financial institutions.

In a specific reference to China's debt restructuring efforts in Zambia, Janet Yellen acknowledged that although the negotiation process had been time-consuming, they managed to overcome differences. She stressed the importance of applying the common principles established in Zambia's case to other similar situations rather than starting from scratch each time.Yellen emphasized the need for expedited progress, expressing her desire for the timely completion of debt relief initiatives in Sri Lanka and Ghana. She further stated that the prompt finalization of these programs would enable the International Monetary Fund (IMF) to initiate loan program assessments in the upcoming autumn.

Yellen also outlined a number of next steps for the World Bank and other multilateral development banks' evolution, but stated that any consideration of capital increases for the institutions must come after reforms aimed at expanding their role beyond poverty reduction to address global challenges such as climate change and pandemics.

Furthermore, Reuters cited Yellen as stating that she estimated that multilateral development banks could potentially increase lending by $200 billion over a ten-year period using internal resources, thanks to ongoing balance sheet reforms and recommendations outlined in the G20 Capital Adequacy Framework report from last year. She mentioned her efforts to establish a new set of principles that would enable the "targeted use" of the World Bank's concessional funding for addressing global issues like climate change. Yellen also expressed her commitment to enhancing these resources and exploring additional.

Janet Yellen's visit to India, where she attended a crucial G20 meeting and engaged in discussions with prominent Indian officials, is seen as an indication of the United States intention to strengthen cooperation with China.

Janet Yellen's visit to India, where she attended a crucial G20 meeting and engaged in discussions with prominent Indian officials, is seen as an indication of the United States intention to strengthen cooperation with China. U.S. Treasury Secretary Yellen expressed eagerness on Sunday to foster collaboration with China in various areas of mutual concern, particularly in debt restructuring for impoverished nations. She also emphasized the need for reforms within multilateral development banks before any consideration of capital increases. This stance underscores the U.S.'s efforts to promote international cooperation and address pressing global challenges. During a press conference preceding a gathering of the Group of 20 finance ministers and central bankers in India, Janet Yellen highlighted the positive outcomes of her recent visit to Beijing, stating that it has contributed to solidifying the relationship between the United States and China. Yellen emphasized that as the world's two largest economies, there is an obligation to collaborate on matters of shared interest, reflecting a commitment to international cooperation. The remarks underscore the importance of fostering a constructive and cooperative approach between the US and China to address global concerns. Janet Yellen placed stress on addressing debt restructuring for underprivileged nations and implementing reforms within multilateral banking institutions. Reuters cited Yellen as highlighting the need for a comprehensive "user guide" on debt restructuring to provide clear guidance to borrowing nations and other stakeholders involved in the process. She also underscored the importance of strengthening the financial stability of the International Monetary Fund's Poverty Reduction and Growth Trust, which offers interest-free loans to the most impoverished countries. Yellen expressed the willingness of the US Treasury to support the IMF in exploring various options, including the utilization of internal fund resources. These remarks highlight Yellen's dedication to addressing the challenges faced by indebted nations and advocating for the improvement of global financial institutions. In a specific reference to China's debt restructuring efforts in Zambia, Janet Yellen acknowledged that although the negotiation process had been time-consuming, they managed to overcome differences. She stressed the importance of applying the common principles established in Zambia's case to other similar situations rather than starting from scratch each time.Yellen emphasized the need for expedited progress, expressing her desire for the timely completion of debt relief initiatives in Sri Lanka and Ghana. She further stated that the prompt finalization of these programs would enable the International Monetary Fund (IMF) to initiate loan program assessments in the upcoming autumn. Yellen also outlined a number of next steps for the World Bank and other multilateral development banks' evolution, but stated that any consideration of capital increases for the institutions must come after reforms aimed at expanding their role beyond poverty reduction to address global challenges such as climate change and pandemics. Furthermore, Reuters cited Yellen as stating that she estimated that multilateral development banks could potentially increase lending by $200 billion over a ten-year period using internal resources, thanks to ongoing balance sheet reforms and recommendations outlined in the G20 Capital Adequacy Framework report from last year. She mentioned her efforts to establish a new set of principles that would enable the "targeted use" of the World Bank's concessional funding for addressing global issues like climate change. Yellen also expressed her commitment to enhancing these resources and exploring additional.

Yellen's India visit spurs US-China cooperation and multilateral banking reforms

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: Japan's prime minister Fumio Kishida is on a 3-day West Asia tour. On Sunday Kishida met Saudi crown prince Mohammed Bin Salman in Jeddah. The G20 Finance ministers meeting is set to begin today in the Indian state of Gujarat. Yellen is also expected to meet Indian Finance Minister Nirmala Sithraman in a scheduled meeting.

Jeddah: Japan PM meets Saudi Crown Prince | US Treasury Secretary in India

In a bid to strengthen relationships with key Asian nations, the United States is making concerted efforts. The Treasury Department recently revealed that U.S. Treasury Secretary Janet Yellen will embark on a trip to India this week.

The visit will encompass discussions with Indian officials as well as participation in meetings with financial officials from the Group of 20. Following the India visit, Secretary Yellen will engage in bilateral talks in Vietnam. Notably, the Treasury highlighted Secretary Yellen's focus on 'friend-shoring,'&nbsp;which emphasises the establishment of resilient supply chains through enhanced connections with reliable partners.

Furthermore, the Treasury said that during her visit to Vietnam, Secretary Yellen will engage in meetings with Vietnamese financial officials, central bankers, and the economic commissioner of the Vietnamese Communist Party. Additionally, she will collaborate with Vietnamese officials to address U.S. concerns regarding Vietnam's currency practices, with the Treasury praising Vietnam's positive engagement in constructive dialogue on these matters.

In India, Secretary Yellen is scheduled to hold a news conference on July 16 in preparation for the G20 meeting. The Treasury stated that Secretary Yellen will conduct bilateral meetings with officials from India and the European Union.

The official noted that leaders from Western nations project that multilateral development banks could generate an extra $200 billion in lending capacity over the next decade through existing measures or those being contemplated.

The Treasury expects the World Bank to establish a mechanism that provides additional resources to countries grappling with global challenges such as climate change. Moreover, the World Bank is expected to explore financing opportunities for subnational and supranational entities rather than solely focusing on national governments.

Sources cited by Reuters indicate that during the tour from July 13 to 21, Secretary Yellen will emphasize the importance of nations having resilient and comprehensive supply chains. However, this message is not specifically aimed at China and does not imply any desire by the United States to sever ties with the Chinese economy.

Although, on her visit, Yellen voiced her concerns to Chinese authorities regarding what she perceived as punitive measures targeting U.S. businesses. She also raised the issue of China's recent attempt to impose export restrictions on gallium and germanium, two crucial minerals used in semiconductor production.

An official cited by Reuters described this move as ‘arguably the most evident illustration of why we emphasize the importance of building diversified and secure supply chains.’ The official also mentioned that U.S. authorities were still in the process of determining how this measure would be implemented.

Additionally, Secretary Yellen would advocate for the acceleration of debt restructuring processes by all official bilateral creditors, including China. The source noted that while progress had been made in Zambia's debt situation, there was a need for faster resolution in other cases.

In a bid to strengthen relationships with key Asian nations, the United States is making concerted efforts. The Treasury Department recently revealed that U.S. Treasury Secretary Janet Yellen will embark on a trip to India this week.

In a bid to strengthen relationships with key Asian nations, the United States is making concerted efforts. The Treasury Department recently revealed that U.S. Treasury Secretary Janet Yellen will embark on a trip to India this week. The visit will encompass discussions with Indian officials as well as participation in meetings with financial officials from the Group of 20. Following the India visit, Secretary Yellen will engage in bilateral talks in Vietnam. Notably, the Treasury highlighted Secretary Yellen's focus on 'friend-shoring,' which emphasises the establishment of resilient supply chains through enhanced connections with reliable partners. Furthermore, the Treasury said that during her visit to Vietnam, Secretary Yellen will engage in meetings with Vietnamese financial officials, central bankers, and the economic commissioner of the Vietnamese Communist Party. Additionally, she will collaborate with Vietnamese officials to address U.S. concerns regarding Vietnam's currency practices, with the Treasury praising Vietnam's positive engagement in constructive dialogue on these matters. In India, Secretary Yellen is scheduled to hold a news conference on July 16 in preparation for the G20 meeting. The Treasury stated that Secretary Yellen will conduct bilateral meetings with officials from India and the European Union. The official noted that leaders from Western nations project that multilateral development banks could generate an extra $200 billion in lending capacity over the next decade through existing measures or those being contemplated. The Treasury expects the World Bank to establish a mechanism that provides additional resources to countries grappling with global challenges such as climate change. Moreover, the World Bank is expected to explore financing opportunities for subnational and supranational entities rather than solely focusing on national governments. Sources cited by Reuters indicate that during the tour from July 13 to 21, Secretary Yellen will emphasize the importance of nations having resilient and comprehensive supply chains. However, this message is not specifically aimed at China and does not imply any desire by the United States to sever ties with the Chinese economy. Although, on her visit, Yellen voiced her concerns to Chinese authorities regarding what she perceived as punitive measures targeting U.S. businesses. She also raised the issue of China's recent attempt to impose export restrictions on gallium and germanium, two crucial minerals used in semiconductor production. An official cited by Reuters described this move as ‘arguably the most evident illustration of why we emphasize the importance of building diversified and secure supply chains.’ The official also mentioned that U.S. authorities were still in the process of determining how this measure would be implemented. Additionally, Secretary Yellen would advocate for the acceleration of debt restructuring processes by all official bilateral creditors, including China. The source noted that while progress had been made in Zambia's debt situation, there was a need for faster resolution in other cases.

US Treasury Secretary Yellen set to attend G20 meeting in India, hold bilateral talks in Vietnam

India's culture ministry informed on Sunday during the G20 Culture Group meet&nbsp;that nearly 150 artefacts are expected to be returned by the US over the next three to six months.

The third G20 Culture Group (CWG) meet began in Karnataka state's Hampi&nbsp;on Sunday. The G20 Culture Group Meet&nbsp;would be hosted by the ancient city dotted with numerous temple complexes from the Vijayanagara Empire&nbsp;from July 9 to 12.

It has emerged&nbsp;that the meeting, named&nbsp;'Protection and Restitution of Cultural Property'&nbsp;will be attended by delegates from G20 members, guest nations and several international organisations.

"The UNESCO convention of 1970 enjoins on signatory parties to voluntarily return those artefacts or antiquities belonging to other countries which have been taken there because of colonial plunder, or because of post-colonial misappropriation like smuggling, theft etc", Govind Mohan, Secretary, Ministry of Culture, said, according to an official release.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/indian-govt-says-238-stolen-smuggled-antiquities-brought-back-to-country-since-2014-590610">Indian govt says 238 stolen, smuggled antiquities brought back to country since 2014</a>

The Cultural Property Agreement being negotiated between India and US will enable the US authorities to intercept smuggled goods and artefacts and return them expeditiously, he said, adding, "Around 150 artefacts are expected to return from the US in the next three to six months." 
 
India is focused on four priorities for the G20 Culture Group meet.

Also watch |&nbsp;India to help Greece reclaim artefacts from UK

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-to-help-greece-reclaim-artefacts-from-uk-zelensky-meets-uk-pm-rishi-sunak-592830/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"The four priority areas are -- Protection and Restitution of Cultural Property; Harnessing Living Heritage for a Sustainable Future; Promotion of Cultural and Creative Industries and Creative Economy; and Leveraging Digital Technologies for the Protection and Promotion of Culture," Govind Mohan&nbsp;added.

"Focus is on coming out with a joint statement along with other member countries for the Culture Ministerial Meeting to be held in August at Varanasi," he added.&nbsp;

Last month, during his state visit to the US, Prime Minister Narendra Modi expressed satisfaction that the United States was going to return more than 100 Indian antiquities that had been "stolen from us".

"I am happy that the American government has decided to return more than 100 Indian antiquities that had been stolen from us. These antiquities may have gotten to the international market in different ways – some legal, some illegal. I express my gratitude to the American government for returning these items," Modi said during an interaction with members of the Indian-American community at the Ronald Reagan Centre in Washington DC.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

He added that the effort at these meetings is for all the G20 countries to become signatories to the convention which will benefit India, adding that New Delhi&nbsp;was trying to reach bilateral agreements with countries in this relation.

India's culture ministry informed on Sunday during the G20 Culture Group meet that nearly 150 artefacts are expected to be returned by the US over the next three to six months.

India's culture ministry informed on Sunday during the G20 Culture Group meet that nearly 150 artefacts are expected to be returned by the US over the next three to six months. The third G20 Culture Group (CWG) meet began in Karnataka state's Hampi on Sunday. The G20 Culture Group Meet would be hosted by the ancient city dotted with numerous temple complexes from the Vijayanagara Empire from July 9 to 12. It has emerged that the meeting, named 'Protection and Restitution of Cultural Property' will be attended by delegates from G20 members, guest nations and several international organisations. "The UNESCO convention of 1970 enjoins on signatory parties to voluntarily return those artefacts or antiquities belonging to other countries which have been taken there because of colonial plunder, or because of post-colonial misappropriation like smuggling, theft etc", Govind Mohan, Secretary, Ministry of Culture, said, according to an official release. Also read | Indian govt says 238 stolen, smuggled antiquities brought back to country since 2014 The Cultural Property Agreement being negotiated between India and US will enable the US authorities to intercept smuggled goods and artefacts and return them expeditiously, he said, adding, "Around 150 artefacts are expected to return from the US in the next three to six months." India is focused on four priorities for the G20 Culture Group meet. Also watch | India to help Greece reclaim artefacts from UK × "The four priority areas are -- Protection and Restitution of Cultural Property; Harnessing Living Heritage for a Sustainable Future; Promotion of Cultural and Creative Industries and Creative Economy; and Leveraging Digital Technologies for the Protection and Promotion of Culture," Govind Mohan added. "Focus is on coming out with a joint statement along with other member countries for the Culture Ministerial Meeting to be held in August at Varanasi," he added. Last month, during his state visit to the US, Prime Minister Narendra Modi expressed satisfaction that the United States was going to return more than 100 Indian antiquities that had been "stolen from us". "I am happy that the American government has decided to return more than 100 Indian antiquities that had been stolen from us. These antiquities may have gotten to the international market in different ways – some legal, some illegal. I express my gratitude to the American government for returning these items," Modi said during an interaction with members of the Indian-American community at the Ronald Reagan Centre in Washington DC. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. He added that the effort at these meetings is for all the G20 countries to become signatories to the convention which will benefit India, adding that New Delhi was trying to reach bilateral agreements with countries in this relation.

G20 Culture Group meet: India to receive 150 stolen artefacts from the US in next 6 months

By the year 2030 it is estimated that the global space economy would be more than double its size and be valued at one trillion dollars. Under India's presidency of the G20 the leaders of the top Global space agencies are meeting in India to chart out a strategy for the coming times we're on senior correspondents without MP sent us this report from India's Aerospace Hub in Bangalore.

G20 space economy leaders meeting commences in India`s Aerospace hub Bengaluru

Indian Prime Minister Narendra Modi, during his official visit to Egypt, extended an invitation to Egyptian President Abdel Fattah El-Sisi to attend the upcoming G20 Summit scheduled to take place in New Delhi in September this year. Foreign Secretary Vinay Kwatra made this announcement during a press conference held after the significant bilateral meet between the leaders.

"Prime Minister also extended an invitation to the (Egypt) President for the G20 Summit which is upcoming in September 2023," FS Kwatra said during the presser.&nbsp;

This is the first visit by an Indian Prime Minister to Egypt in the last 26 years. PM Modi held key interactions during his visit which included a round table the prime minister held with the Egyptian counterpart and his ministerial team.

Also Read | <a href="https://www.wionews.com/science/bamboo-could-be-a-game-changer-in-renewable-energy-heres-how-608532">Bamboo could be a game changer in renewable energy. Here's how</a>

The prime minister also interacted with the Indian community in Egypt and held meeting with Grand mufti of Egypt, Dr Shawky Ibrahim Allam. The discussions focussed on how two countries can work together to counter extremism and radical ideologies.&nbsp;

<h2>Major agreements signed between India and Egypt&nbsp;&nbsp;</h2>

Four major agreements were signed between India and Egypt, including elevating the bilateral partnership to strategic partnership and MoUs on agriculture, archaeology and antiquities and competition Law.&nbsp;

Prime Minister Modi also visited the Heliopolis Commonwealth War Grave Cemetery in Cairo on 25 June&nbsp;and paid homage to over 4300 valiant Indian soldiers who sacrificed their lives in Egypt and Aden during the first World War. He also visited Al-Hakim Mosque in Cairo during his visit.&nbsp;

Also Read | <a href="https://www.wionews.com/trending/porn-platform-owner-society-proud-of-sexual-expression-adult-content-to-become-boring-608500">Porn platform owner: Society proud of sexual expression, adult content to become 'boring'</a>

Upon arrival, PM Modi was received by Minister of Tourism and Antiquities of Egypt, Dr. Mostafa Waziri.

Indian PM also met the leaders of the Bohra community, who are actively involved in the upkeep of this Fatimid era Shi’a Mosque and highlighted the strong people-to-people ties between India and Egypt.

During the presser, Foreign Secretary Vinay Kwatra said Prime Minister Narendra Modi's visit comes as a result of an invitation extended by President Abdel Fattah El-Sisi, marking the first time the Prime Minister has visited Egypt.

Watch | PM Modi conferred with Egypt's highest state honour in Cairo

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/pm-modi-conferred-with-egypts-highest-state-honour-in-cairo-608484/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"Yesterday afternoon, he arrived and received a warm welcome from the Egyptian Prime Minister at the airport. Additionally, a ceremonial welcome, including a Guard of Honour, was accorded to him," Kwatra said.&nbsp;

<h2>'Order of the Nile' honour for PM Modi&nbsp;</h2>

During the visit, Egyptian President Abdel Fattah El-Sisi bestowed upon PM Modi the prestigious 'Order of the Nile' honor, which is the highest civilian award in Egypt.

"PM remarked that the recognition symbolises two main things --- the deep-rooted friendship between the two countries and the people of the two societies," the foreign secretary added.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Indian Prime Minister Narendra Modi, during his official visit to Egypt, extended an invitation to Egyptian President Abdel Fattah El-Sisi to attend the upcoming G20 Summit scheduled to take place in New Delhi in September this year.

Indian Prime Minister Narendra Modi, during his official visit to Egypt, extended an invitation to Egyptian President Abdel Fattah El-Sisi to attend the upcoming G20 Summit scheduled to take place in New Delhi in September this year. Foreign Secretary Vinay Kwatra made this announcement during a press conference held after the significant bilateral meet between the leaders. "Prime Minister also extended an invitation to the (Egypt) President for the G20 Summit which is upcoming in September 2023," FS Kwatra said during the presser. This is the first visit by an Indian Prime Minister to Egypt in the last 26 years. PM Modi held key interactions during his visit which included a round table the prime minister held with the Egyptian counterpart and his ministerial team. Also Read | Bamboo could be a game changer in renewable energy. Here's how The prime minister also interacted with the Indian community in Egypt and held meeting with Grand mufti of Egypt, Dr Shawky Ibrahim Allam. The discussions focussed on how two countries can work together to counter extremism and radical ideologies. Major agreements signed between India and Egypt Four major agreements were signed between India and Egypt, including elevating the bilateral partnership to strategic partnership and MoUs on agriculture, archaeology and antiquities and competition Law. Prime Minister Modi also visited the Heliopolis Commonwealth War Grave Cemetery in Cairo on 25 June and paid homage to over 4300 valiant Indian soldiers who sacrificed their lives in Egypt and Aden during the first World War. He also visited Al-Hakim Mosque in Cairo during his visit. Also Read | Porn platform owner: Society proud of sexual expression, adult content to become 'boring' Upon arrival, PM Modi was received by Minister of Tourism and Antiquities of Egypt, Dr. Mostafa Waziri. Indian PM also met the leaders of the Bohra community, who are actively involved in the upkeep of this Fatimid era Shi’a Mosque and highlighted the strong people-to-people ties between India and Egypt. During the presser, Foreign Secretary Vinay Kwatra said Prime Minister Narendra Modi's visit comes as a result of an invitation extended by President Abdel Fattah El-Sisi, marking the first time the Prime Minister has visited Egypt. Watch | PM Modi conferred with Egypt's highest state honour in Cairo × "Yesterday afternoon, he arrived and received a warm welcome from the Egyptian Prime Minister at the airport. Additionally, a ceremonial welcome, including a Guard of Honour, was accorded to him," Kwatra said. 'Order of the Nile' honour for PM Modi During the visit, Egyptian President Abdel Fattah El-Sisi bestowed upon PM Modi the prestigious 'Order of the Nile' honor, which is the highest civilian award in Egypt. "PM remarked that the recognition symbolises two main things --- the deep-rooted friendship between the two countries and the people of the two societies," the foreign secretary added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

PM Modi invites Egypt's President Abdel Fattah El-Sisi to G20 summit in New Delhi

With over 100 delegates from G20 nations, invitee countries and international organisations in attendance, the third Sustainable Finance Working Group (SFWG) meeting under India’s G20 Presidency commenced on Monday at Mamallapuram near India’s southern Chennai city.

This comes after two meetings of this group that were already held in northeastern Assam state’s Guwahati city and western Rajasthan state’s Udaipur city. During the ongoing meeting, the focus will be towards finalising the recommendations for key deliverables set out in the SFWG 2023 work plan.

The SFWG has been working on three priority areas to advance the actions as envisaged in the G20 Sustainable Finance Roadmap: Mechanisms for mobilisation of timely and adequate resources for climate finance; enabling finance for the Sustainable Development Goals; capacity building of the ecosystem for financing toward sustainable development.

Under the first priority, SFWG will develop a list of options to support climate investments and transition activities in line with country circumstances. The options will include ways to expand risk-sharing facilities, as well as policies and financial instruments to support private capital for investment in green and low-carbon technologies.&nbsp;

It is the first time that the SFWG has undertaken work on financing Sustainable Development Goals, in addition to climate. Under this priority, the group has focused on financial instruments for social impact investment and nature-related data and reporting.

Also read |&nbsp;<a href="https://www.wionews.com/world/hope-blinkens-china-visit-would-stabilise-ties-between-beijing-washington-chinese-prez-xi-606044">Hope Blinken's China visit would stabilise ties between Beijing, Washington: Chinese prez Xi</a>

Capacity building plays a vital role in supporting the goals of the 2030 Agenda for Sustainable Development and the Paris Agreement. The demand for capacity building for sustainable finance is rising. However, there are substantial knowledge gaps, limited technical assistance, a lack of consistent funds and a lack of coordination and collaboration among capacity-building programme providers.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/technology/extra-eyes-on-the-ground-singapore-police-introduces-robocop-at-airport-for-patrolling-606041">'Extra eyes on the ground': Singapore police introduces 'Robocop' at airport for patrolling</a>

Under the Indian presidency of G20, the SFWG is developing a set of voluntary recommendations as part of its deliverables for 2023 to address the challenges and benefit the entire sustainable finance ecosystem.

The discussions and negotiations held in the ongoing meeting on the draft voluntary recommendations would feed into the deliberations to be held in the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in July 2023.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

With over 100 delegates from G20 nations, invitee countries and international organisations in attendance, the third Sustainable Finance Working Group (SFWG) meeting under India’s G20 Presidency commenced on Monday at Mamallapuram near India’s southern Chennai city.

With over 100 delegates from G20 nations, invitee countries and international organisations in attendance, the third Sustainable Finance Working Group (SFWG) meeting under India’s G20 Presidency commenced on Monday at Mamallapuram near India’s southern Chennai city. This comes after two meetings of this group that were already held in northeastern Assam state’s Guwahati city and western Rajasthan state’s Udaipur city. During the ongoing meeting, the focus will be towards finalising the recommendations for key deliverables set out in the SFWG 2023 work plan. The SFWG has been working on three priority areas to advance the actions as envisaged in the G20 Sustainable Finance Roadmap: Mechanisms for mobilisation of timely and adequate resources for climate finance; enabling finance for the Sustainable Development Goals; capacity building of the ecosystem for financing toward sustainable development. Under the first priority, SFWG will develop a list of options to support climate investments and transition activities in line with country circumstances. The options will include ways to expand risk-sharing facilities, as well as policies and financial instruments to support private capital for investment in green and low-carbon technologies. It is the first time that the SFWG has undertaken work on financing Sustainable Development Goals, in addition to climate. Under this priority, the group has focused on financial instruments for social impact investment and nature-related data and reporting. Also read | Hope Blinken's China visit would stabilise ties between Beijing, Washington: Chinese prez Xi Capacity building plays a vital role in supporting the goals of the 2030 Agenda for Sustainable Development and the Paris Agreement. The demand for capacity building for sustainable finance is rising. However, there are substantial knowledge gaps, limited technical assistance, a lack of consistent funds and a lack of coordination and collaboration among capacity-building programme providers. Also read | 'Extra eyes on the ground': Singapore police introduces 'Robocop' at airport for patrolling Under the Indian presidency of G20, the SFWG is developing a set of voluntary recommendations as part of its deliverables for 2023 to address the challenges and benefit the entire sustainable finance ecosystem. The discussions and negotiations held in the ongoing meeting on the draft voluntary recommendations would feed into the deliberations to be held in the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in July 2023. WATCH WION LIVE HERE

India: G20 Sustainable Finance Working Group meet commences near Chennai city

In pursuit of India's stated efforts to lend voice to the so-called Global South, Prime Minister Narendra Modi has written to the leaders of the G20 nations, proposing that the African Union be given full membership of the grouping at its upcoming summit in New Delhi.

Indian PM Modi proposes full G20 membership for African Union

Prime Minister Narendra Modi has written to G20 counterparts to propose that the African Union be given full membership at the upcoming Delhi Summit of G20, as requested by them. Sources said Prime Minister has led from the front on this matter, which he strongly advocates and supports.

Indian PM Modi writes to G20 leaders: Let African Union be a member too

The Official G20 Women Engagement Group, known as the Women 20 Summit, will commence Thursday in Mamallapuram, the UNESCO World Heritage town, around 50 kilometres from Chennai city in Southern India.

The Women 20 came into force in 2015 under Turkey's Presidency of G20 in 2015, with the objective of focusing on gender equity, women empowerment, advocating for the rights of women&nbsp;and raising women's voices in society.&nbsp; &nbsp;     

Dr Sandhya Purecha, chair, W20 told WION that the key focus areas of the W20 India summit would be entrepreneurship, bridging the gender digital divide, women and girls' participation in climate action, education and skill development and grassroots&nbsp;leadership. She added that the grouping has been working with 21 knowledge and network partners for the same.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/whats-special-about-pm-modis-visit-to-us-this-time-604469">What’s special about PM Modi’s visit to US this time?</a>

"Over the last seven months, we have been engaging with more than 1,00,000&nbsp;women across social strata via public outreach events, conclaves, meetings and plenary sessions. We have covered more than 15 states and union territories across India and have had two major global events. W20 is the final summit of this effort," Purecha said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/whats-forcing-women-to-quit-indias-largest-it-firm-tcs-604123">What’s forcing women employees to quit India’s largest IT firm TCS?</a>

The final outcome of the W20 Summit would be the communique that will be launched during the event.&nbsp;According to the women officials leading the W20 summit, the communique prepared as a result of their combined efforts and consultations has been accepted by all nations.&nbsp;The communique is the final culmination of a series of policy recommendations that the G20 sherpa will hand over to the Indian Prime Minister's Office&nbsp;in order to be incorporated in the G20 leaders'&nbsp;declaration.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The Official G20 Women Engagement Group, known as the Women 20 Summit, will commence Thursday in Mamallapuram, the UNESCO World Heritage town, around 50 kilometres from Chennai city in Southern India.

The Official G20 Women Engagement Group, known as the Women 20 Summit, will commence Thursday in Mamallapuram, the UNESCO World Heritage town, around 50 kilometres from Chennai city in Southern India. The Women 20 came into force in 2015 under Turkey's Presidency of G20 in 2015, with the objective of focusing on gender equity, women empowerment, advocating for the rights of women and raising women's voices in society.       Dr Sandhya Purecha, chair, W20 told WION that the key focus areas of the W20 India summit would be entrepreneurship, bridging the gender digital divide, women and girls' participation in climate action, education and skill development and grassroots leadership. She added that the grouping has been working with 21 knowledge and network partners for the same. Also read | What’s special about PM Modi’s visit to US this time? "Over the last seven months, we have been engaging with more than 1,00,000 women across social strata via public outreach events, conclaves, meetings and plenary sessions. We have covered more than 15 states and union territories across India and have had two major global events. W20 is the final summit of this effort," Purecha said. Also read | What’s forcing women employees to quit India’s largest IT firm TCS? The final outcome of the W20 Summit would be the communique that will be launched during the event. According to the women officials leading the W20 summit, the communique prepared as a result of their combined efforts and consultations has been accepted by all nations. The communique is the final culmination of a series of policy recommendations that the G20 sherpa will hand over to the Indian Prime Minister's Office in order to be incorporated in the G20 leaders' declaration. WATCH WION LIVE HERE

W20 summit commences in Mamallapuram near Chennai in India, to focus on women-led development

Monday marked the first day of the second phase of G20 Development Ministers meeting. The event which was held in the Indian city of Varanasi took an unprecedented turn with Russia distancing itself from the unanimous conclusions drawn at the meet. According to official G20 documents, Russia is said to have disassociated itself from references made to Ukraine. The context elaborates on the global impact of Russia's ongoing conflict with Ukraine.

India: Varanasi hosts Day 1 of the G20 meeting

India, under the G20 presidency, is currently hosting a three-day meeting of development ministers of the member nations in the northern Indian city of Varanasi in the state of Uttar Pradesh. The meeting follows the Voice of the Global South Summit that New Delhi hosted in January. Notably, the decisions taken during the Varanasi meeting will contribute to the UN summit on Sustainable Development Goals (SDGs) in September, according to the Ministry of External Affairs (MEA).

G20 Development Ministers meet : Indian EAM S Jaishankar addresses the delegates

India, under the G20 presidency, is currently hosting a three-day meeting of development ministers of the member nations in the northern Indian city of Varanasi in the state of Uttar Pradesh.

G20 Summit 2023: Prime Minister Modi addresses participants in Varanasi

Embark on extraordinary travel stories with us in WION Wings as we take you on a mesmerising journey through diverse destinations and fascinating global events. Join us as we uncover the world's wonders, witness remarkable achievements, and delve into the captivating beauty of nature. From the prestigious G20 delegates meeting in Kashmir to the vibrant lunar festival in Sofia, Bulgaria, this immersive experience will leave you awestruck.

G20 Kashmir Summit, Kashmir's Floating Vegetable Market & 7 wonders record

On Inside South Asia this week with Dasuni Athauda G20 Tourism Meet in Kashmir: China Skips, Pakistan Rattled Meet the double-amputee Mt. Everest climber Hari Budhamagar Pakistan: Inside a flood-proof settlement South Asian cinema shines at Cannes

From G20 event in Kashmir to South Asian cinema at Cannes | Inside South Asia

The G20 tourism meet held in Srinagar, Kashmir saw a good representation from member nations. But Pakistan's longtime ally, China declined to attend the meeting. While Pakistan termed the G20 gathering illegal. We tell you how Pakistan's plan to derail the G20 event failed.

G20 Tourism meet in Kashmir: China skips, Pakistan rattled

Amid tight security and boycott from some countries including China, India successfully hosted the G20 meeting in Srinagar. What are the key takeaways from the event? Vikram Chandra finds out from former raw chief A.S Dulat on The India Story.

'Kashmiris don't want to join Pakistan' says Ex-Raw Chief A.S Dulat

Implications of G20 Srinagar meet

The three-day G20 Tourism Working Group meeting came to an end on Wednesday in Srinagar with foreign delegates exploring the historic Mughal garden, playing golf at the Royal Springs Golf Course, and taking a Shikara ride on Dal Lake. As the inaugural international meeting, which is anticipated to have a good impact on the tourism and commercial sectors of the region, successfully concluded early in the morning, the foreign delegates practised yoga. A total of 61 delegates took part in the event.

G20 Kashmir: International delegates indulge in market tours, yoga & golfing

India is hosting the G20 tourism meeting in Kashmir, the world's largest democracy held the G20 Presidency for 2023 and has planned more than 100 meetings across the country. The G20 meeting aims to strengthen economic growth, preserve cultural heritage and promote sustainable development of the region.

G20's Craft Bazaar: Showcasing the talent and promoting Kashmiri craft

G20 tourism meeting is being held in India Srinagar which is the summer capital of Jammu and Kashmir. Today was the first day of the event that has been touted as the historic moment for the union territory in a bit to promote film tourism in the region the three-day event is said to be an opportunity to showcase the cultural heritage of Kashmir. And according to reports close to 60 delegates from G20 member countries attended the event on Monday morning the working group meeting was held amid tight security in the region this is the first key event since the abrogation of article 370 which was scrapped scrapped the special status of Jammu and Kashmir in 2019.

G20: India will go out of it's way to help shoot films in Jammu & Kashmir: Amitabh Kant

Here, we bring you the news that is trending across WION's social media platforms - Indian actor Ram Charan is in Srinagar to attend third G20 working group meeting. Ram Charan also entertained the audience as he performed the viral hook-step of his Oscar winning song Naatu Naatu.

Ram Charan dances to Naatu Naatu with Korean delegates at G20 Summit

'Roadmap for tourism approved by all countries' says G20 Sherpa in a conversation with WION

G20, News on G20, stories on G20, articles on G20, G20 stories at Wion, G20 news, G20 latest news