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Text of the Union Finance Minister Shri Arun Jaitley s Keynote Address at the Opening Ceremony of the Second Annual Meeting of the New Development Bank (NDB)

News and Press Release - Dated:- 1-4-2017 - Following is the Text of the of the Union Finance Minister Shri Arun Jaitley s Keynote Address at the Opening Ceremony of the Second Annual Meeting of the New Development Bank (NDB) in Delhi today: Governors of NDB and Heads of Delegations, President Kamath, Sir Chakrabarty, Mr. Hyer, Mr. Adesina, Distinguished Guests, Ladies and Gentlemen, At the very outset, I welcome you all to India and wish a pleasant and enjoyable stay here. We are indeed privile .....

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ilver linings are emerging. After a sluggish performance in 2015 and 2016,global growth appears to be recovering, and is projected at 3.4% in 2017 and 3.6 % in 2018. Buoyed by an expectation of fiscal stimulus, the United States economy has rebounded strongly, and is approaching full employment. The news is also good from other advanced economies, such as Spain and the United Kingdom, where domestic demand held up better than expected in the aftermath of the Brexit vote. But it is still an uneve .....

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gative growth territory in 2016, are expected to turn to positive growth in 2017 and 2018. Overall, the EMDEs are expected to contribute more than three-quarters of total global growth the current year. But there are newer challenges, most notably a possible shift towards inward-looking policy platforms and protectionism, a sharper than expected tightening in global financial conditions that could interact with balance sheet weaknesses in parts of the euro area and increased geopolitical tension .....

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Bank like the NDB is well poised to step into the void. Since the establishment of the NDB in September 2015, President Kamath and his ream have done a commendable job. The formative years of an Institution are never easy, and the NDB has navigated this challenge with flying colours. It is really heartening to know that the Bank is now fully operational, with seven loans already approved by the Board of Directors. It has also successfully raised money from the market and I am sure will soon make .....

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identally, the NDB was also established at the same time with the core mandate to finance sustainable development projects. Therefore, if we remain committed to the core principle of the NDB, we shall also be contributing to global consensus. NDB must also be alive to the role envisioned for it by its founding nations. It is an important vehicle for South- South cooperation. The five BRICS nations possess enormous amount of knowledge, technology and resources. There is a huge potential for every .....

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have successfully implemented a slew of reform measures, including one of the largest currency reform initiatives ever implemented, which will move the Indian economy to a less cash trajectory, increase tax compliance and reduce the threats from counterfeit currency. Other major initiatives include merger of Railway budget with the General budget, passage of the landmark Goods and Service Tax bill, enactment of a comprehensive Insolvency and Bankruptcy Code, 2016, liberalization of the FDI polic .....

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ffers the opportunities that could rival those of an entire continent. It offers today, the possibilities of a full century. And we want to do all this in a cleaner, greener and sustainable way. This offers an enormous opportunity to an Institution like NDB, whose core mandate is sustainable infrastructure development. I am happy to note that the first agreement for an NDB loan in India, to finance major district roads in Madhya Pradesh has been signed a couple of days back. With this the NDB wi .....

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