Light Page » INDIA » PTI’s Interview with PM Modi ahead of G-20 Delhi meeting (03/09/2023)


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    • #228934

      For a long time, India was perceived as a nation of over 1 billion hungry stomachs. But now, India is being seen as a nation of over 1 billion aspirational minds, more than 2 billion skilled hands, and hundreds of millions of young people.

      [See the full post at: PTI’s Interview with PM Modi ahead of G-20 Delhi meeting (03/09/2023)]

    • #229114

      PM Modi’s departure statement ahead of his visit to Jakarta, Indonesia

      06 SEP 2023

      I am travelling to Jakarta, Indonesia at the invitation of H.E. Mr. Joko Widodo to participate in the ASEAN related meetings.

      My first engagement will be the 20th ASEAN-India Summit. I look forward to discussing with ASEAN leaders the future contours of our partnership, which has now entered its fourth decade. Engagement with ASEAN is an important pillar of India’s “Act East” policy. The Comprehensive Strategic Partnership entered into last year has injected new dynamism in our ties.

      Thereafter, I will be attending the 18th East Asia Summit. This forum provides a useful opportunity to deliberate on issues of importance to the region including food and energy security, environment, health, and digital transformation. I look forward to exchanging views with other EAS Leaders on practical cooperation measures to collectively address these global challenges.

      I warmly recall my visit to Indonesia for the G-20 Summit in Bali last year, and I am confident that this visit will further deepen our engagement with the ASEAN region.

    • #232252

      Joint Statement from India and the United States (08 SEP 2023)

      Prime Minister Narendra Modi welcomed United States President Joseph R. Biden, Jr., to India today, reaffirming the close and enduring partnership between India and the United States. The leaders expressed their appreciation for the substantial progress underway to implement the ground breaking achievements of Prime Minister Modi’s historic, June 2023, visit to Washington.

      The leaders called on their governments to continue the work of transforming the India-U.S. Strategic Partnership across all dimensions of our multifaceted global agenda, based on trust and mutual understanding. The leaders re-emphasized that the shared values of freedom, democracy, human rights, inclusion, pluralism, and equal opportunities for all citizens are critical to the success our countries enjoy and that these values strengthen our relationship.

      President Biden lauded India’s G20 Presidency for further demonstrating how the G20 as a forum is delivering important outcomes. The leaders reaffirmed their commitment to the G20 and expressed confidence that the outcomes of the G20 Leaders’ Summit in New Delhi will advance the shared goals of accelerating sustainable development, bolstering multilateral cooperation, and building global consensus around inclusive economic policies to address our greatest common challenges, including fundamentally reshaping and scaling up multilateral development banks.

      Prime Minister Modi and President Biden reaffirmed the importance of the Quad in supporting a free, open, inclusive, and resilient Indo-Pacific. Prime Minister Modi looked forward to welcoming President Biden to the next Quad Leaders’ Summit to be hosted by India in 2024. India welcomed the U.S. decision to co-lead the Indo-Pacific Oceans Initiative Pillar on Trade Connectivity and Maritime Transport, further to the U.S. decision to join IPOI in June 2023.

      Continuing to share the view that global governance must be more inclusive and representative, President Biden reaffirmed his support for a reformed UN Security Council with India as a permanent member, and, in this context, welcomed once again India’s candidature for the UNSC non-permanent seat in 2028-29. The leaders once again underscored the need to strengthen and reform the multilateral system so it may better reflect contemporary realities and remain committed to a comprehensive UN reform agenda, including through expansion in permanent and non-permanent categories of membership of the UN Security Council.

      Prime Minister Modi and President Biden reaffirmed technology’s defining role in deepening our strategic partnership and lauded ongoing efforts through the India-U.S. Initiative on Critical and Emerging Technology (iCET) to build open, accessible, secure, and resilient technology ecosystems and value chains, based on mutual confidence and trust, which reinforce our shared values and democratic institutions. The United States and India intend to undertake a midterm review of iCET in September 2023 to continue to drive momentum toward the next annual iCET review, co-led by the National Security Advisors of both countries, in early 2024.

      President Biden congratulated Prime Minister Modi and the scientists and engineers of the Indian Space Research Organisation (ISRO) on Chandrayaan-3’s historic landing at the south polar region of the Moon, as well as the successful launch of India’s first solar mission, Aditya-L1. Having set a course to reach new frontiers across all sectors of space cooperation, the leaders welcomed efforts towards establishment of a Working Group for commercial space collaboration under the existing India-U.S. Civil Space Joint Working Group. Determined to deepen our partnership in outer space exploration, ISRO and the National Aeronautics and Space Administration (NASA) have commenced discussions on modalities, capacity building, and training for mounting a joint effort to the International Space Station in 2024, and are continuing efforts to finalise a strategic framework for human space flight cooperation by the end of 2023. India and the United States also intend to increase coordination on planetary defence to protect planet Earth and space assets from the impact of asteroids and near-Earth objects, including U.S. support for India’s participation in asteroid detection and tracking via the Minor Planet Center.

      The leaders reiterated their support for building resilient global semiconductor supply chains, noting in this respect a multi-year initiative of Microchip Technology, Inc., to invest approximately US$300 million in expanding its research and development presence in India and Advanced Micro Device’s announcement to invest US$400 million in India over the next five years to expand research, development, and engineering operations in India. The leaders expressed satisfaction at the ongoing implementation of announcements made in June 2023 by U.S. companies, Micron, LAM Research, and Applied Materials.

      Sharing a vision of secure and trusted telecommunications, resilient supply chains, and global digital inclusion, Prime Minister Modi and President Biden welcomed the signing of a Memorandum of Understanding (MoU) between Bharat 6G Alliance and Next G Alliance, operated by Alliance for Telecommunications Industry Solutions, as a first step towards deepening public-private cooperation between vendors and operators. They further acknowledged the setting-up of two Joint Task Forces focused on collaboration in the field of Open RAN and research and development in 5G/6G technologies. A 5G Open RAN pilot in a leading Indian telecom operator will be undertaken by a U.S. Open RAN manufacturer before field deployment. The leaders continue to look forward to the participation of Indian companies in the U.S. Rip and Replace Program; President Biden also welcomed India’s support for a Rip and Replace pilot in the United States.

      The United States reiterated its commitment to working together with India in the quantum domain, both bilaterally and through the Quantum Entanglement Exchange, a platform to facilitate international quantum exchange opportunities; and welcomed the participation of India’s S.N. Bose National Centre for Basic Sciences, Kolkata, as a member of the Quantum Economic Development Consortium. It was also recognized that the Indian Institute of Technology (IIT) Bombay joined the Chicago Quantum Exchange as an international partner.

      The leaders hailed the signing of an Implementation Arrangement between the U.S. National Science Foundation (NSF) and India’s Department of Biotechnology to enable scientific and technological research collaborations in biotechnology and biomanufacturing innovations. They welcomed the call for proposals released by NSF and India’s Ministry of Electronics and Information Technology to foster academic and industrial collaboration in semiconductor research, next generation communication systems, cyber-security, sustainability and green technologies, and intelligent transportation systems.

      Reaffirming their commitment to building resilient technology value chains and linking defence industrial ecosystems, the leaders recommitted their administrations to promoting policies and adapting regulations that facilitate greater technology sharing, co-development, and co-production opportunities between Indian and U.S. industry, government and academic institutions. They also welcomed continued engagement through an inter-agency monitoring mechanism under the auspices of the bilateral Strategic Trade Dialogue, launched in June 2023.

      The leaders welcomed the signing of an MoU between Indian universities, represented by the Council of Indian Institutes of Technology (IIT Council), and the Association of American Universities (AAU) to establish the India-U.S. Global Challenges Institute, with a combined initial commitment of at least US$10 million. The Global Challenges Institute will bring together leading research and higher-education institutions from across our two nations, including beyond AAU and IIT membership, to advance new frontiers in science and technology, spanning collaboration in sustainable energy and agriculture, health and pandemic preparedness, semiconductor technology and manufacturing, advanced materials, telecommunications, artificial intelligence, and quantum science.

      The leaders also welcomed the growing number of multi-institutional collaborative education partnerships, such as those between New York University-Tandon and IIT Kanpur Advanced Research Center, and the Joint Research Centers of the State University of New York at Buffalo and IIT Delhi, Kanpur, Jodhpur, and BHU, in the areas of critical and emerging technologies.

      The leaders affirmed the importance of efforts to close the gender digital divide in the digital economy, noting a G20 commitment to halve the digital gender gap by 2030 and expressed support for the Women in the Digital Economy Initiative, which brings together governments, private sector companies, foundations, civil society and multilateral organizations to accelerate progress toward the closure of the digital gender divide.

      Prime Minister Modi and President Biden reaffirmed their commitment to deepen and diversify the India-U.S. Major Defence Partnership through expanded cooperation in new and emerging domains such as space and AI, and accelerated defence industrial collaboration.

      The leaders welcomed completion of the Congressional Notification process on 29 August 2023 and the commencement of negotiations for a commercial agreement between GE Aerospace and Hindustan Aeronautical Limited (HAL) to manufacture GE F-414 jet engines in India, and recommitted to work collaboratively and expeditiously to support the advancement of this unprecedented co-production and technology transfer proposal.

      The leaders applauded the conclusion of a second Master Ship Repair Agreement, with the most recent agreement signed by the U.S. Navy and Mazgaon Dock Shipbuilders, Ltd., in August 2023. Both sides recommitted to advancing India’s emergence as a hub for the maintenance and repair of forward-deployed U.S. Navy assets and other aircraft and vessels. The leaders also welcomed further commitments from U.S. industry to invest more in India’s maintenance, repair, and overhaul capabilities and facilities for aircraft.

      The leaders commended the India-U.S. Defence Acceleration Ecosystem (INDUS-X) team for establishing a robust collaboration agenda to harness the innovative work of the U.S. and Indian defence sectors to address shared security challenges. INDUS-X convened the inaugural Academia Start-up Partnership at IIT Kanpur, with the participation of Penn State University, and initiated the Joint Accelerator Program for Indian Startups, through a workshop led by U.S. accelerator M/s Hacking 4 Allies (H4x) and IIT Hyderabad in August 2023. Both sides also welcomed the announcement by the Indian Ministry of Defence’s Innovations for Defence Excellence and the U.S. Department of Defense’s Defense Innovation Unit to launch two joint challenges, which will invite start-ups to develop solutions to shared defence technology challenges.

      President Biden welcomed the issuance of a Letter of Request from the Ministry of Defence of India to procure 31 General Atomics MQ-9B (16 Sky Guardian and 15 Sea Guardian) remotely piloted aircraft and their associated equipment, which will enhance the intelligence, surveillance and reconnaissance (ISR) capabilities of India’s armed forces across all domains.

      Reiterating the importance of nuclear energy as a necessary resource to meet our nations’ climate, energy transition, and energy security needs, Prime Minister Modi and President Biden welcomed intensified consultations between the relevant entities on both sides to expand opportunities for facilitating India-U.S. collaboration in nuclear energy, including in development of next generation small modular reactor technologies in a collaborative mode. The United States reaffirmed its support for India’s membership in the Nuclear Suppliers Group and committed to continue engagement with like-minded partners to advance this goal.

      The leaders welcomed the inaugural meeting of the India-U.S. Renewable Energy Technologies Action Platform [RE-TAP], in August 2023, under which the two countries will engage in lab-to-lab collaboration, piloting, and testing of innovative technologies; collaboration on policy and planning to advance renewable energy and enabling technologies; investment, incubation and outreach programmes; and training and skill development to accelerate the uptake and adoption of new and emerging renewable technologies and energy systems.

      Reiterating the importance of decarbonizing the transport sector, the leaders welcomed progress to expand electric mobility in India, including joint support for a payment security mechanism financed through both public and private funds. This will accelerate the procurement of 10,000 made-in India electric buses including those for the Indian PM e-Bus Sewa program that will include the associated charging infrastructure. The two countries are committed to working together to help diversify the global supply chain for e-mobility.

      India and the United States are also advancing the creation of investment platforms to lower the cost of capital and accelerate the deployment of greenfield renewable energy, battery storage and emerging green technology projects in India. Towards this end, India’s National Investment and Infrastructure Fund and the U.S. Development Finance Corporation exchanged letters of intent to each provide up to US$500 million to anchor a renewable infrastructure investment fund.

      The leaders lauded the settlement of the seventh and last outstanding World Trade Organisation (WTO) dispute between India and the United States. This follows the unprecedented settlement of six outstanding bilateral trade disputes in the WTO in June 2023.

      The leaders welcomed efforts to develop an ambitious “Innovation Handshake” agenda under the India-U.S. Commercial Dialogue, to include two anchor events in the fall (one in India and one in the United States), in which our two sides will collaborate to bring together start-ups, private equity and venture capital firms, corporate investment departments, and government officials to forge connections between the two countries’ innovation ecosystems.

      The leaders welcomed our growing bilateral cooperation in cancer research, prevention, control, and management, and looked forward to the launch of the India-U.S. Cancer Dialogue in November 2023. This dialogue will focus on advancing knowledge in cancer genomics, developing new diagnostics and therapeutics to enhance and strengthen cancer care including for underserved urban and rural communities. The leaders also highlighted the upcoming U.S.-India Health Dialogue, taking place in October 2023 in Washington, D.C., underscoring their joint commitment to strengthening and facilitating scientific, regulatory, and health cooperation between our two nations.

      The leaders welcomed the renewal of a Memorandum of Arrangement between the U.S. Department of Defense POW/MIA Accounting Agency and the Anthropological Survey of India (AnSI) to facilitate recovery from India of the remains of fallen U.S. service members who served in World War II.

      Prime Minister Modi and President Biden pledged to sustain the high-level of engagement between our governments, industries, and academic institutions and realize their ambitious vision for an enduring India-U.S. partnership that advances the aspirations of our people for a bright and prosperous future, serves the global good, and contributes to a free, open, inclusive, and resilient Indo-Pacific.

    • #232253

      G20 document prepared by World Bank lauds India’s progress

      Digital Public Infrastructure (DPI) has had a transformative impact on India, extending far beyond inclusive finance. The G20 Global Partnership for Financial Inclusion document ( prepared by World Bank has lauded transformative impact of DPIs in India over the past decade under the Central Government.

      The document highlights the groundbreaking measures taken by Central Government and the pivotal role of government policy and regulation in shaping the Digital Public Infrastructure (DPI) landscape.

      Financial Inclusion: Lauding India’s DPI approach the World Bank document notes that India has achieved in just 6 years what would have taken about five decades.

      JAM Trinity has propelled financial inclusion rate from 25% in 2008 to over 80% of adults in last 6 years, a journey shortened by up to 47 years thanks to DPIs.

      The document categorically notes, “While DPIs’ role in this leapfrogging is undoubtable, other ecosystem variables and policies that build on the availability of DPIs were critical. These included interventions to create a more enabling legal and regulatory framework, national policies to expand account ownership, and leveraging Aadhaar for identity verification.”
      Since its launch, the number of PMJDY accounts opened tripled from 147.2 million in March 2015 to 462 million by June 2022; women own 56 percent of these accounts, more than 260 million.
      The Jan Dhan Plus programme encourages low-income women to save, resulting in over 12 million women customers (as of April 2023) and a 50% increase in average balances in just five months, as against the entire portfolio in the same time period. It is estimated that by engaging 100 million low-income women in savings activities, public sector banks in India can attract approximately Rs 25,000 crore ($3.1 billion) in deposits.

      Government to Person (G2P) Payments:

      In the last decade, India has built one of the world’s largest digital G2P architectures leveraging DPI.
      This approach has supported transfers amounting to about $361 billion directly to beneficiaries from 53 Central government ministries through 312 key schemes.
      As of March 2022, this had resulted in a total savings of $33 billion, equivalent to nearly 1.14 percent of GDP.

      More than 9.41 billion transactions valuing about Rs 14.89 trillion were transacted in May 2023 alone.
      For the fiscal year 2022–23, the total value of UPI transaction was nearly 50 percent of India’s nominal GDP.

      DPIs’ Potential Added Value for the Private Sector:

      The DPI in India has also enhanced efficiency for private organizations through reductions in the complexity, the cost and the time taken for business operations in India.
      Even some NBFCs have been enabled 8% higher conversion rate in SME lending, a 65% savings in depreciation costs and 66% reduction in costs related to fraud detection.
      According to industry estimates, banks’ costs of onboarding customers in India decreased from $23 to $0.1 with the use of DPI.

      Lower Cost of Compliance for Banks for KYC

      India Stack has digitised and simplified KYC procedures, lowering costs; banks that use e-KYC lowered their cost of compliance from $0.12 to $0.06. The decrease in costs made lower-income clients more attractive to service and generated profits to develop new products.

      Cross-Border Payments:

      The UPI-PayNow interlinking between India and Singapore, operationalised in February 2023, aligns with G20’s financial inclusion priorities and facilitates faster, cheaper, and more transparent cross-border payments.

      Account Aggregator (AA) Framework:

      India’s Account Aggregator (AA) Framework aims to strengthen India’s data infrastructure, enabling consumers and enterprises to share their data only with their consent through an electronic consent framework. The framework is regulated by RBI.
      Total of 1.13 billion cumulative accounts are enabled for data sharing, with 13.46 million cumulative number of consents raised in June 2023.

      Data Empowerment and Protection Architecture (DEPA):

      India’s DEPA grants individuals’ control over their data, enabling them to share it across providers. This promotes tailored product and service access without requiring new entrants to invest heavily in pre-existing client relationships, fostering innovation and competition.

    • #232254

      Press Gaggle by Secretary of the Treasury Janet Yellen Ahead of the G20 Summit in India | New Delhi, India

      SEPTEMBER 08, 2023

      The Park Hotel
      New Delhi, India

      SECRETARY YELLEN: Good morning, everyone, and thank you for being here.

      I’d like to share a few introductory thoughts about the priorities we’ll be focused on throughout this week.

      First, we’re committed to supporting emerging markets in developing countries and to addressing global challenges. This includes our ongoing work on evolving the multilateral development banks.

      One year since my call to action to the multilateral development banks, we’ve worked with a growing coalition of partners to make significant progress on reforms related to the World Bank’s mission and vision, incentives, operational model, and financing capacity. We’re glad to have Ajay Banga as our partner in this work.

      And we look forward to more work with the regional development banks and on how to achieve greater collaboration across the MDB system, including to increase access to climate finance.

      We’ve already made significant progress in expanding the MDBs’ financial capacity. The recommendations that are currently being implemented or under consideration across the MDBs could unlock an additional $200 billion over the next decade. Those are crucial additional resources for reducing poverty, advancing global health security, and combating climate change.

      I saw firsthand the impact this funding can have during my last trip to India just over a month ago, when Ajay Banga and I visited an education data hub supported by the World Bank and met the students whose lives were being improved.

      There’s scope to do even more on financial capacity, including through some of the more medium-term recommendations of the G20 Capital Adequacy Framework review, particularly with respect to callable capital.

      We’re also asking Congress for two and a quarter billion dollars to boost the World Bank’s concessional finance for global challenges and for crisis response. And we’ve requested authorization for a loan of up to $21 billion for the IMF, including for the Poverty Reduction and Growth Trust, which desperately needs more resources.

      We also hope to build support for an equi-proportional increase in quotas during meetings this week.

      This week also provides an opportunity to discuss debt relief. We continue to support efforts to provide predictable, orderly, and timely debt relief to countries, including under the Common Framework for Debt Treatment where progress has been too slow.

      As a second priority area, we remain committed to extensive and strategic multilateral action in response to Russia’s war on Ukraine. The price cap and sanctions, both the result of unprecedented global collaboration, are having powerful impacts on Russia’s ability to wage its brutal and unjust war.

      We also remain committed to support for Ukraine and recently put forward a supplemental funding request. There has been bipartisan support for this funding to date, and it’s critical that we continue to provide timely economic assistance.

      During my visit to Kyiv earlier this year, I saw firsthand the importance of this assistance in enabling Ukraine’s resistance on the frontlines.

      We’re also grateful for the involvement of our partners, including the €50 billion package proposed by the European Union and the $15 billion International Monetary Fund program, which has been essential to Ukraine’s efforts to implement reforms and stabilize the economy.

      And we need to remain focused on addressing the devastating consequences of the war, including its impact on food security. Russia’s withdrawal from the Black Sea Grain Initiative is deeply concerning and is particularly being felt by low- and middle-income countries.

      In response, we hope to move forward on efforts such as supporting the Global Agriculture and Food Security Program and working toward a successful replenishment of the International Fund for Agricultural Development.

      Last but not least, continuing to advance the U.S.-India relationship will be a priority this week. We highly value our bilateral relationship with India.

      In fact, this is my fourth time in India over the last year, making it the country I visited most frequently as Treasury Secretary. We also welcomed Prime Minister Modi to the U.S. in June.

      The U.S. is home to the largest Indian diaspora outside of Asia and is India’s largest export market. Expanding our bilateral economic ties and our cooperation on global challenges is crucially important to us.

      And let me stop there. And with that, I’m happy to take your questions.

      MODERATOR: We’ll start with Josh, with the AP.

      Q Secretary Yellen, thank you so much for doing this. The World Bank, among others, has also expressed concern about a period of higher interest rates and slower grobal — global growth. I’m curious for what you’re hearing from other countries about the risks to global growth and how that’s shaping all the priorities that you just outlined.

      SECRETARY YELLEN: So, certainly, we’re aware of the risks to global growth. I would say the most important negative influence is Russia’s war on Ukraine, which has escalated energy and food prices. And as — as many at G20 meetings have stated repeated- — repeatedly: The most important thing we could do for global growth is for Russia to end its brutal war on Ukraine.

      That said, I think I’ve personally been surprised by the strength of global growth and how resilient the global economy has proven to be. And recently, the IMF has somewhat improved its economic projections.

      But many countries have built important buffers, which have enabled them to weather very significant shocks to the global economy. And while there are risks in some countries that have been — certainly have been affected, overall, the global economy has been resilient. And, as you know, the United States has done particularly well.

      MODERATOR: Viktoria, Bloomberg.

      Q Thank you. As — just a follow-up. How concerned are you about the Chinese slowdown? Or how does it affect your outlook for the global — how does it affect your global growth outlook?

      And also, just on Ukraine, you talked about U.S. support. I was just wondering, especially on the supplemental funding request, if you’re at all concerned about having difficulty getting this through Congress, given negotiations over government funding and — yeah. Thank you.

      SECRETARY YELLEN: So, with respect to China, China faces a variety of both short- and longer-term global challenges — economic challenges that we’ve been monitoring carefully, including less of a pickup in consumer spending than had been anticipated in the aftermath of the COVID restrictions, as well as longstanding issues with respect to the property sector and debt — debt related to that.

      And longer term, of course, population growth has now turned negative and the labor force is beginning to shrink, so see China’s growth as slowing over time.

      That said, China has quite a bit of policy space to address these challenges.

      So, we’re monitoring the situation. I don’t see it as having very significant, direct impact on the United States. Some countries in East Asia are more likely to be aff- — affected by the slowdown. But it’s something that we are keeping an eye on.

      With respect to the supplemental, I’m pleased that there has been bipartisan support in both houses of Congress for Ukraine, and I feel confident that we’ll be able to make sure that we have funding.

      We continue to stand behind Ukraine for as long as is necessary.

      MODERATOR: Ed, with CBS.

      Q Thank you. Madam Secretary, I’m curious about
      two things. First, the absence of President Xi and Putin this weekend and how that might reshape the meetings or potentially
      affect the utility of the G20 going forward if these two leaders in their — at the highest levels aren’t here.

      Also, curious if you have any comment on the apparent reports out of China that they’re banning the use of iPhones by government workers or further restricting them for whatever reason, similar to how we’ve banned TikTok and Huawei. Would that have any effects more broadly on this sort of ongoing back-and-forth over U.S. and Chinese technology? And how could that affect the global economy?

      SECRETARY YELLEN: Well, let me start with your first question pertaining to the absence of Xi and Putin. I think it’s important to emphasize that the G20 is a prime contributor to the solution of global challenges. We see it as the premier organization that on a global basis is taking on critical challenges facing the global economy and, particularly, the Global South.

      And I believe the G20 — in spite of obvious problems due to the — due to Russia’s war against Ukraine and Russia’s,
      you know, general absence from G20 initiatives, I believe the G20 has been extremely effective. And especially under India’s leadership, our goals for the G20 have coincided closely with those of India. We’ve tackled very important challenges.

      As I mentioned, I think we’ve had considerable success in changing the way the entire multilateral development system is operating — increasing its mission to take on a variety of global challenges, ranging from better preparedness for future pandemics, where we have established a new finance and health ministers task force; a fund — a pandemic fund at the World Bank; as well as climate change, taking on global challenges along with poverty reduction.

      We’ve made, over the last year, very substantial progress in changing not only the mission but also improving the financial resources of the multilateral development banks to perform their critical missions in changing the incentives and structures under which they operate. And I — I think that’s been an extremely effective initiative.

      Under India’s leadership, debt has been — in- –international debt and providing relief to countries that are overindebted — partly because of the impact of Russia’s war against Ukraine, but also the high-interest-rate environment — and begin — believe we’re beginning to make significant progress there.

      So, I do see the G20 as a very effective forum. We appreciate India’s leadership. We look forward, ourselves, to hosting the G20 in 2026. And even without Russia’s active participation and the tensions the war has created, I still see the G20 as highly effective.

      Q And China potentially, you know, withholding access to iPhones?

      SECRETARY YELLEN: Oh, on iPhone — I’m sorry. I — I’m not aware of what’s involved in that. I’m not — I’m not really prepared to give you an answer on that.

      MODERATOR: James (inaudible).

      Q Thank you, Secretary Yellen. How soon are you expecting other U.S. allies and partners to join your plan for the World Bank with specific pledges? And will the scale of this be sufficient to really reduce the dependence of emerging economies on lending from China, which your administration has described as coercive?

      SECRETARY YELLEN: Well, we certainly seek with our G20 partners to enhance the financial capacity of the World Bank and the MDB system more generally.

      And the reforms that are underway, as I indicated, could lead — over the next decade — to an additional $200 billion.

      In addition, we’re looking forward to discussing the possibility of other Capi- — putting in place other Capital Adequacy Framework rec- — recommendations, like adding callable capital that could further increase the resources.

      But President Biden has asked Congress to provide an additional two and a quarter billion dollars to the World Bank — an initiative that is designed to show our commitment to relieving global problems of the South; taking on global issues, like climate change and pandemic preparedness.

      And those resources can lead to around an additional $25 billion — just the U.S. contribution — to lending ability of the World Bank. They would go toward additional funds for IDA to make very low-cost subsidized loans to the most challenged low-income countries, as well as conce- — as concessional finance to attack global problems.

      And we have asked other countries to join with us to the extent that they’re able to in this initiative. We’re hopeful that other countries, depending on their financial capacity, will join us and we can scale that up.

      In addition, with respect to the IMF, the supplemental calls for an additional $25 billion loan from the U.S. to the Poverty Reduction and Growth Trust at the IMF that would be further concessional finance for low-income countries.

      So, these are important initiatives doing what we can. And it’s not just a question of responding to China; it’s a question of addressing to longstanding global challenges, reducing poverty, addressing global — global public goods issues that this is — this is a critically important mission.

      MODERATOR: Catherine Lucey, the Journal.

      Q Thank you, Secretary. Do you think that the G20 will be able to reach agreement on a communiqué and, specifically, on the war in Ukraine as part of that?

      SECRETARY YELLEN: So, I understand that this is challenging to craft such language, but I know the negotiators are discussing it and working hard to do so. And we stand ready, certainly, to work with India to try to craft a communiqué that successfully addresses this concern.

      MODERATOR: We have time for one final question. (Inaudible.)

      Q Thank you, Madam Secretary. There are indications that Russia has found some ways around your price cap by using fewer Western insurance services and ships. And, in fact, the price of Russian oil has — has climbed, in some cases, above the price cap. Are you worried that your Russia policy is becoming more difficult to effectively implement?

      SECRETARY YELLEN: So, my perception is that the price cap continues to work.

      It had two goals. One was to cut Russia’s revenues. And our estimate is that Russia’s revenue from oil has declined by around 44 percent over the last year. The second goal was to keep the global market well-supplied, and Russia’s exports and sales into the global market have continued and have not significantly contracted.

      Now, the ban repl- — applies to services. The — so, the $60 price cap applies to any oil sold using services from members of the coalition. And although there is — there are sales that are permitted under the price cap, as you mentioned, that do not use Western services — and many of those are occurring at prices above $60 — they’re not a violation of the price cap. And it is very expensive for Russia and other countries to provide services where Western providers have clear price advantages.

      And so, while such things are occurring, it erodes the revenue that Russia is able to receive on net from those sales.

      And certainly, there are substantial sales that are occurring as well using Western services. And as far as we can tell — and we’re certainly monitoring for evasion of the sanctions — these sales are occurring below the $60 price cap. So, I do believe it continues to work.

      MODERATOR: Thanks, everyone.

    • #232779

      Prime Minister’s meeting with President of the French Republic (G-20)-2023

      10 SEP 2023

      Prime Minister Shri Narendra Modi held a bilateral meeting over lunch with H.E. Mr. Emmanuel Macron, President of the French Republic, on 10 September 2023, on the sidelines of the G20 Summit in New Delhi. President Macron’s visit to India comes after Prime Minister visit to Paris in July 2023 as the Guest of Honour on the occasion of French National Day on 14 July 2023, commemorating the 25th anniversary of the India-France strategic partnership.

      Prime Minister Macron congratulated Prime Minister on the success of India’s G20 Presidency. Prime Minister thanked Prime Minister Macron for France’s support in this regard.

      The two leaders discussed and reviewed bilateral relations, particularly in the context of the ‘Horizon 2047’ Roadmap, the Indo-Pacific Roadmap and other outcomes that emerged during Prime Minister recent visit. They also discussed the implementation of the goals for cooperation in areas of defence, space including industrial and startup cooperation, nuclear energy including partnership for co-developing SMR and AMR technolgies, digital public infrastructure, critical technology, connectivity, energy, climate change, education, cooperation in National Museum and people-to-people contacts.

      The two leaders exchanged views on important international and regional developments, including on the Indo-Pacific region and stressed on the need for reformed multilateralism. They welcomed the announcement of the India-Middle East-Europe Economic Corridor (IMEC) and pledged to work together for its implementation.

      President Macron congratulated Prime Minister on India’s successful Chandrayaan-3 Mission. The two leaders recalled six decades of India-France Space cooperation.

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