Fri, Feb 24, 2017 | updated 04:13 PM IST

Jaitley calls upon world community to focus on the coordinated policy actions, growth strategies

Updated: Oct 09, 2016 21:55 IST

Washington D.C. [United States], Oct. 9 (ANI): Stressing that since the forces of globalisation and multilateralism can go a long way in expanding global growth opportunities, Union Finance Minister Arun Jaitley on Sunday called upon the international community to focus on the coordinated policy actions and growth strategies.

He also emphasised that there is a strong case for realigning quota shares with the changed global economic realities.

While expressing India's extreme disappointment with delay in completion of the 15th General Review of Quota (GRQ) by Annual Meeting of 2017, Jaitley emphasised that the fund should strictly abide by the new deadlines set for completing the 15th Review.

Jaitley was addressing the Restricted Session of the International Monetary and Finance Committee (IMFC) and the Plenary Session of IMFC in Washington D.C. on Saturday.

IMFC is a key body providing strategic direction to the work and policies of the IMF. The events were attended by select Finance Ministers and Central Bank Governors. The closed door discussions were centred on the policy responses to prolonged period of subdued global growth, low commodity prices and negative interest rates in some large economies.

Jaitley also participated in the Plenary Meeting of the Development Committee (DC), which is the ministerial-level forum of the World Bank Group and the IMF for inter-governmental consensus building on development issues.

The meeting focused on the 'Forward Look' exercise carried-out by the World Bank and discussion on the Dynamic Formula of Shareholding of member countries in IBRD. In view of the World Bank being capital-constrained, he emphasised upon the need for re-capitalising the Bank to enable it to meet SDGs and twin goals. He also expressed hope that the World Bank would be more agile, efficient and less expensive.

While addressing the gathering at forums like the Goldman Sachs Growth Markets Conference and the FT-Citi Forum, the Finance Minister elaborated on the significant improvement in the macro-economic fundamentals of Investment and growth in the Indian economy. He also highlighted the major transformative initiatives taken by the government, which have created a positive business environment for Indian and global investments, impressive increases in FDI, $100 billion solar energy investment programme, changing 770 million incandescent and fluorescent bulbs to save 20 GW of electricity, Clean India (Swachh Bharat) Program, International Solar Alliance, Make in India, total transformation of indirect taxes regime, passage of GST Bills, bankruptcy code, etc.

The Finance Minister also held a bilateral meeting with U.K. Finance Minister Philip Hammond, which was centred on the various areas of mutual interest and cooperation.

On the sidelines of IMF/WB Annual Meetings, Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Shaktikanta Das held bilateral meeting with his counterpart from Israel, during which both sides discussed the issues related to BITs, FDI and future avenues of partnership in the area of agriculture.

In particular Israel expressed keen interest in learning from India's experiences in the field of PPPs and ease of doing business.

Finance Minister Jaitley is currently on official tour to Washington D.C., the U.S., to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) and other associated meetings.

He is accompanied by RBI Governor RBI Dr. Urijit Patel, Shaktikanta Das, Chief Economic Advisor (CEA) Dr. Arvind Subramanian and other officials. (ANI)

Lahore [Pakistan], Feb. 24 (ANI): Punjab Law Minister Rana Sanaullah said on Friday that yesterday's blast in Lahore's DHA was not an act of terror but an "accident", as forensic samples collected from the site had shown that the blast was a cylinder explosion.

Full Story >>

45 killed in car bomb explosion in Syria

Updated: Feb 24, 2017 15:08 IST

Dubai [UAE], Feb. 24 (ANI): At least 45 people have reportedly been killed and several others injured after a car bomb hit Syrian rebels fighting Islamic State of Iraq and the Levant (ISIL) in a village near al-Bab.

Full Story >>

Kampala [Uganda], Feb.24 (ANI): Condemning terrorism in all its forms and manifestations, both India and Uganda have said that the international community needs to be more proactive in countering this menace.

Full Story >>

Kampala [Uganda], Feb.24 (ANI): Vice President M. Hamid Ansari on Friday said both India and Uganda have agreed that there is a great potential for enhancement and expansion of mutual bilateral trade relations between the two nations.

Full Story >>

New Delhi [India], Feb. 24 (ANI): China on Friday said that it supports India and other countries on the issue of terrorism but sees bilateral between the two nations more important.

Full Story >>

Kansas [United States], Feb. 24 (ANI): A 24-year old American Ian Grillot, who suffered injuries in his arm and chest while trying to tackle the shooter at a Kansas city bar who opened fire on two Indian men, is being hailed for his heroic efforts, however, he reckons he did what anyone else would have done at the time.

Full Story >>

New Delhi [India], Feb. 24 (ANI): The United States Embassy today strongly condemned the shooting in Kansas resulting in the tragic death of an Indian engineer, and assured that justice will be delivered and the federal authorities are investigating the case.

Full Story >>

New York [U.S.], Feb. 24 (ANI): An Indian engineer has been shot to dead in Kansas, U.S. in an alleged racial attack, after the gunman was heard shouting "get out of my country".

Full Story >>

New York [USA], Feb. 24(ANI):US President Donald Trump met two dozen manufacturing CEOs and expressed that he's determined to bring back thousands more "real jobs" to the U.S. and to cut trade deficits with countries such as Mexico and China.

Full Story >>

Trump says Chicago needs help

Updated: Feb 24, 2017 06:20 IST

New Delhi [India], Feb. 24(ANI): US President Donald Trump expressed shock over the incident in Chicago where seven people were killed and another six were wounded in shootings on Wednesday and calling that the city 'needs help' as the situation is out of control.

Full Story >>

New York [USA], Feb. 24(ANI): A Danish man who posed a video of himself setting fire to the Quran on Facebook has been charged with blasphemy, first such case in the country after almost half a century.

Full Story >>

New York [USA], Feb. 24(ANI): North Korea denied responsibility for Kim Jong-nam's death and accussed the Malaysian authorities of fabricating evidence of Pyongyang's involvement under the influence of South Korea.

Full Story >>

London [UK], Feb. 24(ANI): According to a poll, French far right leader Marine Le Pen has increased her lead in the first round of France's presidential election but would lose the May 7 run-off against either the centre-right's Francois Fillon or centrist Emmanuel Macron.

Full Story >>

New York [USA], Feb. 24(ANI): Pope Francis suggested that if the person is a Christian, who exploits people, leads a double life or manages a dirty business, then it is better to be called as an atheist rather than a believer.

Full Story >>

Trump wants US to expand nuclear arsenal

Updated: Feb 24, 2017 05:09 IST

London [UK], Feb. 24(ANI): US President Donald Trump expressed that he wants to expand America's nuclear arsenal adding that the country has fallen behind in its atomic weapons capacity.

Full Story >>

London [UK], Feb. 24(ANI): Iraqi security forces recaptured the Mosul airport from ISIS, a key part of the government's offensive to drive the Islamic State (IS) from the western half of the city.

Full Story >>

London [UK], Feb. 24(ANI): The former International Monetary Fund(IMF) chief Rodrigo Rato has been sentenced to four-and-a-half years in prison for misusing corporate credit cards while in charge of two leading Spanish banks.

Full Story >>

New York [USA], Feb. 24(ANI) : US President Donald Trump described his administration's moves to deport illegal immigrants as a military operation.

Full Story >>

Beijing [China], Feb. 24(ANI): Following the visit by Foreign Secretary S. Jaishankar's to the country for the strategic dialogue, China hopes that it has achieved its expected goals and is of positive significance for promoting bilateral relations.

Full Story >>