LIVE: Many nations mentioned about UPI success story at G20 meet, says Das

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11:39 PM

Congress to give 50% reservation to women, youth at all party positions

The Congress carried out 85 amendments in its constitution at its 85th plenary session here on Saturday to provide a 50 per cent reservation to scheduled castes (SCs), scheduled tribes (STs), other backward classes (OBCs), women, youth and minorities in its working committee and at all party positions.

According to the amended constitution of the party, the Congress Working Committee (CWC) will now include former prime ministers from the party and former AICC chiefs, besides leaders of the Congress in both Lok Sabha and Rajya Sabha.

The party decided to provide 50 per cent reservation to SCs/STs/OBCs/minorities vertically and provide horizontal reservation to youth below 50 years and women in both reserved and unreserved categories.

11:12 PM

India, UK finance ministers agree to make further progress on FTA

India and the UK have agreed to make further progress on the ongoing negotiations for a free trade agreement (FTA) and also to swiftly organise the next bilateral Economic and Financial Dialogue soon, the British government said on Saturday.

 

At the conclusion of UK Chancellor Jeremy Hunt's India visit for the G20 Finance Ministers and Central Bank Governors meeting, held under India's 2023 Presidency, the UK's Treasury department said the finance minister held talks with Indian counterpart Nirmala Sitharaman with a focus on deepening bilateral economic and financial ties.

 

At a meeting with Indian Finance Minister Nirmala Sitharaman, both sides agreed to make further progress on the UK-India Free Trade Agreement and deepen bilateral economic and financial ties, the Treasury department said in a statement.

10:54 PM

Earthquake in India's Himalayas to be felt in Sri Lanka

Sri Lanka's capital Colombo and the northern capital of Jaffna are likely to feel the effect of any powerful earthquake happening in the Himalayan range as predicted by Indian geologists, a geologist said here on Saturday. If India experiences a quake of magnitude 8, it would be felt in Colombo and Jaffna, Athula Senaratne, a local university professor, told reporters.

 

Two years ago a quake that happened in the Himalayan range of magnitude 5 was severely felt in Colombo, people even came out of buildings, Senaratne said.

 

He said the area concerned was where the Eurasian and the Indo-Australian plates could come into conflict. Senaratne was referring to a warning issued by the Hyderabad-based National Geophysical Institute of the potential high-magnitude earthquake in India's Uttarakhand region.

10:37 PM

G20 nations agree on the language to deal with debt vulnerabilities

Finance Minister Nirmala Sitharaman on Sunday said the G20 nations have agreed on language to deal with the debt vulnerabilities of developing countries.

 

The G20 Chair's Summary and Outcome Document issued after the meeting of the G20 Finance Ministers and central bank governors (FMCBG) meetings said the ministers recognised the urgency to address debt vulnerabilities in low and middle-income countries.

 

"Strengthening multilateral coordination by official bilateral and private creditors is needed to address the deteriorating debt situation and facilitate coordinated debt treatment for debt-distressed countries," the outcome document said.

10:19 PM

G20 recognises risk attached, agrees to discuss IMF-FSB paper on crypto assets in upcoming meetings

Recognizing the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives.

According to the chair's summary released at the end of the two-day meeting of the Finance Ministers and Central Bank Governors (FMCBG) on Saturday, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets.

"I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now getting also acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she said after the conclusion FMCBG.

9:44 PM

Peace not only beneficial for Russia-Ukraine but also for developing nations: Foreign Secretary

Peace not only beneficial for Russia-Ukraine but also for developing nations: Foreign Secretary Kwatra

9:38 PM

'Education, skilling have equal emphasis under new NEP', says PM Modi

The new National Education Policy (NEP) has reoriented and placed emphasis on both education and skilling according to the aptitude and demands of the youngsters, Prime Minister Narendra Modi said in a post-budget webinar on Saturday.

 

Addressing the webinar 'Harnessing Youth Power- Skilling and Education', the PM Modi lamented on the lack of flexibility in the education system over the years and said that the sector has been "rigid". READ MORE...

9:29 PM

India, Sri Lanka review defence, security cooperation at annual dialogue

Top defence officials of India and Sri Lanka have held the seventh edition of their annual dialogue during which the two sides reviewed the bilateral defence and security cooperation and identified new avenues for engagement.

The two-day meeting of the 7th edition of the Annual Defence Dialogue (ADD) between India and Sri Lanka, which began in New Delhi on Thursday was chaired by Defence Secretary Giridhar Armane and his Sri Lankan counterpart General Kamal Gunaratne.

During the meeting which ended on Saturday, the two sides reviewed the defence and security cooperation, the Indian High Commission said.

9:04 PM

Development of Karnataka top priority of Centre, state govt: PM Modi

Prime Minister Narendra Modi said on Saturday that the development of Karnataka has been a top priority of the ruling BJP whereas those running the previous dispensations in the state used to divert its money outside.

 

He also said his government has worked for India's progress by taking along traditions as well as technology.

 

"There was a time when people after forming government in Karnataka would take its money outside. Today, the country's money and resources are honestly directed towards Karnataka's development," he said after inaugurating the "Barisu Kannada Dim Dimava" cultural festival.

8:51 PM

India's presidency (G20) received strong support on all key priorities: FM

8:35 PM

G20 presidency: W20 inception meet to be held in Aurangabad on Feb 27-28

The W20 (Women 20) inception meeting as part of India's presidency of the G20 forum will take place in Aurangabad in Maharashtra on February 27-28, an official said.

The W20 is an official engagement group under G20 and was established during the Turkish presidency in 2015.

Its primary objective is to ensure gender considerations are mainstreamed into discussions of G20 and get translated into the G20 Leaders' Declaration as policies and commitments that foster gender equality and women's economic empowerment, a release said.

W20 India took over the presidency from W20 Indonesia on December 12 2022.

8:22 PM

Ragi is a part of Karnataka's culture and social identity: PM Modi

8:03 PM

G20 members agree to quick response from international institutions for debt stress faced by some nations: FM

G20 members agree to quick response from international institutions for debt stress faced by some countries, says FM Sitharaman

8:03 PM

There is recognition that crypto involves several risks, need to develop international architecture: RBI Guv

There is recognition that crypto involves several risks, need to develop international architecture, says RBI Governor after the G20 meeting.

8:02 PM

Reforming of multilateral banks needed to make them more nimble-footed: FM

Reforming of multilateral banks needed to make them more nimble-footed to meet development needs of developing countries, says FM Sitharaman.

 

7:54 PM

Bali paragraph introduced in final statement, but Russia and China had a reservation: FM

Bali paragraph was introduced in the final statement but Russia and China had a reservation, and hence it had to be a Chair summary, and not a communique, says Finance Minister Nirmala Sitharaman at the G20 Media Briefing 

7:46 PM

Effort is to develop international framework and architecture to deal with crypto assets: RBI Governor Das

7:40 PM

Finance ministers of various countries mentioned about success story of UPI: RBI Governor

7:39 PM

G20 ends without a communique after no consensus on war in Ukraine

A meeting of finance leaders of the world's 20 biggest economies, referred as the group of 20 or G20, ended on Saturday without a joint communique after faultlines over how to describe Russia's invasion of Ukraine could not be bridged.

 

Instead, a G20 Chair's Summary and Outcome Document were released after the two-day meeting of finance ministers and central bank governors here.

 

Coinciding with the first anniversary of Russia's invasion of Ukraine, leaders from countries such as the US and France wanted a condemnation of Moscow for the invasion while host India felt G20 was not the forum to address such an issue and wanted a more neutral term like "crisis" or a "challenge" to describe the "geopolitical situation".

7:29 PM

G20 stood up to challenge and arrived at a common language for debt stress issue: FM

Seminar on global cryptocurrency to foster better understanding of the broader implications of crypto assets held at G20. G20 stood up to the challenge and arrived at a common language for the debt stress issue, says the Finance Minister Nirmala Sitharaman

7:17 PM

Urgent action needed to strengthen international financial architecture: IMF MD to G20

IMF Managing Director Kristalina Georgieva on Saturday said there is an urgent need to strengthen the international financial architecture, especially in the area of debt resolution and Global Financial Safety Net at a time when global growth is set to slow in 2023.

Terming India a relative bright spot, she said, it is an important engine of growth for the world economy, representing about 15 per cent of global growth in 2023.

India's remarkable progress on Digital Public Infrastructure provides a strong basis to secure robust and inclusive growth over the medium term, she said at the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India Presidency here.

7:16 PM

G20: India has always made an effort to be a voice of the global south, says FM

India has always made an effort to be a voice of the global south: FM Nirmala Sitharaman

 

7:07 PM

LIVE: FM Sitharaman addresses media after first G20 FMCBG meeting

7:06 PM

Seminar on crypto assets was of great interest to the participants: FM Nirmala Sitharaman

The seminar on crypto assets was of great interest to the participants: FM Nirmala Sitharaman

 

7:05 PM

G20 members of Indonesia, Brazil, and India shared success stories on digital public infrastructure: FM

G20 troika members of Indonesia, Brazil, and India shared their success stories on digital public infrastructure: FM

6:55 PM

Indigenously developed Tejas aircraft to make debut at foreign air exercise

Five Tejas Light Combat Aircraft (LCA) of the Indian Air Force will participate in a multilateral exercise in the United Arab Emirates (UAE) in the first participation of the indigenously developed jets in a military wargame in a foreign country.

 

An IAF contingent comprising of 110 air warriors has arrived at Al Dahfra air base of United Arab Emirates for participating in the exercise Desert Flag, officials said.

 

The IAF would be participating with five Tejas and two C-17 Globemaster III aircraft.

6:49 PM

PM Modi, Chancellor Scholz interact with top CEOs on ways to boost economic ties

Prime Minister Narendra Modi and German Chancellor Olaf Scholz interacted with top executives from Indian and German companies on Saturday to discuss ways to deepen economic ties.

 

The focus areas for mutual cooperation include digital transformation, financial technology, IT and telecom.

 

"Chancellor @OlafScholz and I met top CEOs to discuss ways to strengthen economic relations between our nations. Sectors like digital transformation, FinTech, IT and Telecom featured prominently in the meeting," Prime Minister Modi tweeted.

 

Scholz arrived in Delhi on Saturday on a two-day visit to India, his first to the country after he became the German chancellor in December 2021, following Angela Merkel's historic 16-year tenure at the top post.

 

Modi and the German Chancellor held wide-ranging talks with a focus on boosting the bilateral ties in the areas of clean energy, trade and new technologies.

6:25 PM

PM Modi, German Chancellor hold talks in Delhi

Prime Minister Narendra Modi and German Chancellor Olaf Scholz held talks here on Saturday.

"The strong ties which India and Germany share are based on shared democratic values, and a deep understanding of each other's interests. The two countries also share a long history of cultural and economic exchanges between them. Along with being our largest trading partner in Europe, Germany is also an important source of investment in India," PM Modi said during the joint press meet.

He said "apart from being our largest trading partner in Europe", Germany is also an important source of investment in India.

6:06 PM

India set to become 3rd largest economy in 5 years; says Goyal; hails PM's 2019 snub to RCEP

India would become the third largest economy in the world in the next five years and by 2047 could be at the level the United States of America is at present, Union Minister Piyush Goyal said on Saturday.

 

He also called the Regional Comprehensive Economic Partnership trade deal as a "disaster in the making" and it "was music to my ears" when Prime Minister Narendra Modi said the country would not be joining it.

 

The Union Minister of Commerce and Industry was speaking at the Asia Economic Dialogue 2023 event here.

 

"I think in the next four to five years, India will be the third largest economy in the world (from fifth position at present). By 2047, we will be at the level that the United States of America is today. The 1.4 billion people of India are going to make our economy a USD 30-40 trillion one," he said.

6:00 PM

FM Sitharaman meets heads of World Bank, IMF; discusses debt restructuring

Finance Minister Nirmala Sitharaman on Saturday held a roundtable with the heads of the World Bank and the IMF and discussed the issue of debt restructuring faced by some of the countries.

 

The roundtable with World Bank President David Malpass and IMF managing director Kristalina Georgieva held on the sidelines of the first G20 Finance Ministers and Central Bank Governors meeting here discussed the issue of debt restructuring challenges and debt vulnerabilities.

 

"Finance Minister Smt. @nsitharaman flagged the need to acknowledge today's diverse creditor landscape and build a common understanding of challenges and ways to address them," a tweet from the Finance Ministry said.