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The Union Finance Minister Arun Jaitley emphasizes the need for bigger financing and implementation plans by the World Bank Group to achieve the Sustainable Development Goals (SDGs); Finance Minister also emphasizes the need for the significant increase in the capital of the World Bank Group to meet the developmental objectives and review of the Bank s shareholding to reflect share of the developing countries in the global economy

Dated:- 12-10-2015 - The Union Finance Minister Shri Arun Jaitley emphasized the need for bigger financing and implementation plans by the World Bank Group to achieve the Sustainable Development Goals (SDGs); and need for the significant increase in the capital of the World Bank Group to meet the developmental objectives and review of the Bank s shareholding to reflect share of the developing countries in the global economy. The Finance Minister Shri Arun Jaitley was speaking while participating .....

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mmitment of mobilizing US$ 100 billion per annum for climate finance, which should be from new and additional sources. He said that the Consultations on the World Bank s proposed Environment and Social Framework must ensure that the new framework is realistic, simple to implement and affordable in terms of cost and time. The full text of the speech delivered by the Finance Minister is annexed here with. The Union Finance Minister Shri Arun Jaitley also participated in the Restricted Session of t .....

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ation of global growth and heightening of risks and volatility. Later, the Finance Minister Shri Jaitley participated in the panel discussion on The Search for Growth and Stability amid Deflation and Divergence , organized by Financial Times and Citi Group. Speaking on the occasion, the Finance Minister Shri Jaitley said that the economic conditions in India are reasonably under control, notwithstanding two consecutive years of below normal monsoons. He said that the commodity and oil prices dec .....

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last 15 months, which have also resulted in reduction of the bank rate and cost of capital, the Minister added. He said that the country is firmly on the path of fiscal discipline and has contained the fiscal deficit at 4 percent (lower than targeted) last year. Shri Jaitley said that the FDI flows to the country have been robust. He cited reports in foreign media that during the last six months, India was the leading destination for investments in greenfield projects, demonstrating the high deg .....

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country is positive. He said that from co-operative federalism, the country is now moving towards competitive federalism, with various States undertaking key reforms to improve business climate, expedite clearances and promote investments. Shri Jaitley explained that a few of the key reforms such as Goods and Services Tax and Bankruptcy law are high on the Government s agenda. Shri Shaktikanta Das, Secretary, Department of Economic Affairs, also held bilateral meetings with Mr Wencai Zhang and M .....

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nance, Corporate Affairs and Information and Broadcasting Shri Arun Jaitley, delivered at the Meeting of the Development Committee, a ministerial-level forum of the World Bank Group and the IMF for intergovernmental consensus-building on development issues, in Lima yesterday: Strong and inclusive economic growth is necessary for the developing economies to grow, prosper and develop sustainably. Such growth is also necessary for achieving the SDGs as well as the twin goals of the World Bank. With .....

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development, economic growth, jobs and social protection. I believe that the World Bank Group must demonstrate unstinting support to the 2030 Agenda. While data, climate change and fragility and conflict are important, we should lay greater focus on all development themes in the SDGs and the priorities of the clients. I suggest the WBG may articulate, in an exclusive paper, separate targets for each of the SDGs for its intervention and support. This will enable the Governors to evaluate the WBG .....

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rong. I note the candid admission in the Report about Bank s inability to support elevated levels of lending beyond 2018. IFC is already capital constrained. The Executive Directors and the Bank should make an objective assessment of the financing needs of the SDGs. I am sure such assessment would call for a significant increase in the capital of the World Bank Group to meet the developmental objectives. While we are looking to mobilize large scale resources to meet the SDGs, there is the additi .....

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