G-20 Summit in Antalya !!
Week [16-22 November]
-The fact that leaders put aside worries on security to arrive at a consensus on achieving robust and inclusive growth can be an achievement in itself.
– The heartening news is that G20, who represent 80% of the world economy, have agreed to strengthen cooperation and “carefully calibrate” macroeconomic policies. This should reassure RBI governor Raghuram Rajan, who earlier this year warned against “beggar-thy-neighbour” monetary policies.
-Financial stability and price stability are defined among key objectives in the G20 communique. Assurances to stimulate employment and boost investment in infrastructure are welcome.
-The G20 aims to increase by 2018 the share of aggregate investment in the collective GDP of its member economies by one percentage points.
-While recognising financial and geopolitical risks, the G20, one would hope, has been forced into a consensus by the strange mix of military, diplomatic and economic challenges all around.
-Efforts towards plugging tax loopholes to thwart those exploiting a global playground is another welcome step. We cannot have multinationals behaving like mavericks in a coordinated global economic regime.
-An emphasis on international labour mobility is laudable. For India, betting on a young, skilled population, it can be a long-term positive.
– All in all, the Antalya consensus should evoke a collective sigh of relief, though there is a long way to go.