Hangzhou [China], Sept. 5 : Highlighting the important points on why a stable global economic and financial system is imperative for growth, Prime Minister Narendra Modi on Monday professed India's support for Base Erosion and Profit Shifting (BEPS) recommendations and called on the G20 nations to commit to the timeline of 2017-2018.
Speaking at the session-'More Effective and Efficient Global Economic and Financial Governance' on the second day of the G20 Summit here in Hangzhou, Prime Minister Modi said that the long delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings.
The Prime Minister said that a stable global economic and financial system is imperative for growth to promote inclusive and sustainable growth.
"It is essential that capital requirements under the new regulations do not raise the cost of finance.
Important mechanisms like Financial Stability Board (FBS) should stick to their core mandate. IMF should remain quota base institution and not depend on broader resources," he added. He asserted that the Global Financial Safety Net (GSFN) needs further strengthening. "We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements," he said.
Emphasizing on fighting corruption, black money and tax evasion central to effective financial governance, he said, "G20's efforts should be for zero tolerance for corruption and black money, zero administration, policy and treaty loopholes, zero barriers and full commitment to action." "We need to act on eliminating safe havens for economic offenders, track down and unconditionally extradite money launderers and tax offenders and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds," he added.
He concluded by saying that there is need of energy to support development needs, adding balanced mix of nuclear, renewable energy and fossil fuels are at core of India's policy.