City New Delhi Financial News

Fumio Kishida said he plans to reshuffle his cabinet as early as Wednesday, and will compile a package of «drastic» economic measures soon after to boost the country's fragile recovery. «I'm thinking of conducting a personnel change of party leadership and of the cabinet as early as the 13th,» Kishida told a press conference in New Delhi on Sunday, on the sidelines of a G20 summit meeting. «On economic measures, I want them to protect the people's lives from price hikes and to reinforce the trend of wage increases and investment expansion.

By Katya Golubkova, Michel Rose and Manoj Kumar

China came around to support the New Delhi declaration at the G20 summit in the backdrop of paragraph eight in the document that deals with the Ukraine situation differently than the Bali declaration. The Chinese were satisfied with the formulation on Ukraine and the Chinese premier Li Qiang, who addressed leaders, emphasised the need to make the bloc an economic forum rather than a political platform, which was later reflected in the New Delhi declaration, ET has learnt. «Concerning the war in Ukraine, while recalling the discussion in Bali, we reiterated our national positions and resolutions adopted at the UN Security Council and the UN General Assembly (resolution nos. ES-11/1 and ES-11/6) and underscored that all states must act in a manner consistent with the purposes and principles of the UN Charter in its entirety,» the New Delhi declaration said. The Bali declaration was more sharply worded against Russia with specific mention of voting patterns in the UNSC. The New Delhi declaration also reaffirmed that G20 is the premier forum for international economic cooperation.

Japanese PM Fumio Kishida on Sunday said the New Delhi Declaration was significant as all members, including Russia, agreed that «states must refrain from the threat or use of force to seek territorial acquisition». However, he did not get into the specifics of the language of declaration. On the safety of Japan's release of treated radioactive water from the Fukushima nuclear power plant, he said, «Many countries already viewed the process of discharge as safe and transparent.

G20 agreed to the creation of a working group on the empowerment of women to support the G20 women's ministerial panel which will convene its first meeting during Brazil's presidency of the bloc.

NEW DELHI : Prime Minister Narendra Modi and French President Emmanuel Macron on Sunday decided to expand production of advanced defence technologies in India, including for third countries in the Indo-Pacific region and beyond. The two leaders were meeting bilaterally on the sidelines of the G20 leaders’ summit in New Delhi.

NEW DELHI : UK Prime Minister Rishi Sunak on Sunday pledged $2 billion to the UN’s Green Climate Fund (GFC), a day after G20 leaders adopted a ‘green development pact’ to speed up measures to tackle the challenges of environment and climate change. “The UK is stepping up and delivering on our climate commitments, both by decarbonising our own economy and supporting the world’s most vulnerable to deal with the impact of climate change," the UK high commission quoted Sunak as saying.

NEW DELHI : The sharp rally in the mid- and small-cap segments has led to a valuation premium developing in many companies, which could hamper return potential as markets take a breather. One of the reasons why the broader markets have outperformed is because the mid- and small-cap space is filled with high-quality companies which are able to scale businesses quickly, Shreyash Devalkar, head, equity, Axis Mutual Fund, said in an interview. Edited excerpts: How do you see rising crude prices and currency volatility impacting the Indian markets? The cyclicality of crude prices has historically roiled India’s economy, and by extension, its markets.

NEW DELHI : The World Bank’s vision is being redefined to eradicate poverty on a “liveable planet" as part of ongoing reforms, its president Ajay Banga said on the sidelines of the New Delhi G20 summit, which has pledged to make multilateral lending work for poverty. “There’s a lot of work going on with the World Bank on the reform agenda.

NEW DELHI : The adoption of the New Delhi declaration at the end of the G20 Summit without impediments has given the ruling Bharatiya Janata Party (BJP) a platform to advance its political outreach and electoral campaign ahead of next year’s general election, riding on the triumph of an event it claims is a result of iPrime Minister Narendra Modi’s leadership. The PM himself had earlier referred to the summit as an opportunity to present the country on the international arena.

Ukraine conflict is a «convergent consensus» rather than a «divisive consensus» and it could show a path to resolution of the crisis, official sources said on Sunday, a day after India pulled of a breakthrough on the contentious issue. It was a combination of Prime Minister Narendra Modi's guarantee and magic, the sources said while referring to total unanimity among the member nation's on the entire New Delhi G20 Leaders' Declaration. India managed to hammer out the unexpected consensus among the G20 countries on the contentious Ukraine conflict through a series of hectic negotiations with emerging economies such as Brazil, South Africa and Indonesia playing a leading role in reaching the agreement on the declaration. It is important to look at the nature of the consensus with the document as the declaration actually reflects «47 sub-consensus» in a range of issues, the sources said. Explaining it, they said the declaration has around 10 broad themes and 37 sub-heads and all the countries agreed on all of them. Overall, the outcome at the G20 summit demonstrated India and its leadership as a «junction box of democratic values», the sources said. The paragraphs on the Ukraine conflict in the New Delhi declaration must not be looked at from the perspective of last year's Bali declaration, they said. «It is a convergent consensus rather than a divisive consensus,» said one of the sources, noting that the approach that featured in the declaration reflected a «stable» framework to deal with the crisis while divisive consensus is always «fragile». «The story of the consensus is a remarkable one and the overall approach in the document reflected a larger context.

West Bengal Governor and the state government over various issues related to the education sector, Governor CV Ananda Bose has sent two confidential letters-one to Nabanna (the state secretariat) and other to New Delhi on Saturday midnight. Bose had vowed to «take action at midnight» yesterday, following which the letters were sent last midnight. The Governor told mediapersons on Saturday, «Wait for the stroke of midnight today (Saturday midnight).

ekla chalo re (walk alone) policy. On 26 September 1999, the G20 was founded with this goal in mind. The world then was reeling from the Asian financial crisis.

trade deal. India’s ambassador in London, Vikram Doraiswami, went public recently to pacify UK’s anti-immigration lobbies (tied umbilically to the Rishi Sunak government) and to re-emphasize nuances in India’s demand for visas, intended to serve as a placatory gesture. Doraiswami’s statement raises concerns whether India is walking back from its stated position on movement of professionals, which is now part of the New Delhi G20 Declaration also, in its eagerness to conclude the trade deal.

Congress leader Adhir Ranjan Choudhury on Sunday questioned West Bengal Chief Minister Mamata Banerjee's decision to attend the dinner hosted by President Droupadi Murmu on the occasion of G20 meet in New Delhi, asking if that would not weaken her stance against the Narendra Modi government. The state Congress president also wondered whether there was «any other reason» for the Trinamool Congress supremo to take part in the programme. The TMC hit back at Choudhury, saying that Banerjee is one of the prime movers behind the non-BJP bloc INDIA and the Congress leader did not need to lecture her about certain protocols to be followed from the administrative point of view. «When many non-BJP CMs refrained from attending the dinner, Didi (Mamata Banerjee) went to Delhi a day in advance.

Joe Biden insisted Sunday he does not want to «contain» China, as the two powers face deepening divisions on trade, security and rights. Biden said he had met Chinese Premier Li Qiang at the G20 summit in New Delhi — a meeting the White House had not announced — and discussed «stability». The president revealed the encounter in Hanoi, where earlier in the day he agreed a deal to deepen ties with Vietnam as Washington looks to bolster its network of allies around Asia and the Pacific in the face of Beijing's rising influence. Washington and Beijing are at loggerheads on a range of global issues, and Biden accused China of seeking to bend the international order to its will. «One of the things that is going on now is China is beginning to change some of the rules of the game, in terms of trade and other issues,» Biden told a news conference. Washington has invested heavily in building alliances as part of its Indo-Pacific strategy, including the Quad security dialogue with India, Australia and Japan, and the AUKUS pact with Britain and Australia. But he insisted the United States is not seeking to box China in, but rather to establish clear ground rules for relations. «I don't want to contain China.

G20 Summit had embraced India’s Presidency of "One Earth, One Family, One Future". “I am also very pleased that the G20 welcomed the African Union as a permanent member," she added. Georgieva hailed the New Delhi G20 Leaders Declaration and said all the G20 countries and their representative leaders conveyed a strong consensus for joint action to address global challenges.

world economy was beset with new challenges in meeting the sustainable development goals. The G20 Leaders’ Declaration under Prime Minister Narendra Modi’s astute navigation represents momentous progress, with the Indian presidency setting new benchmarks for global collaboration under the G20 India theme of ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future.’ It was under the same theme that the Business 20 (B20) engagement group of the G20, representing global businesses, developed a wide range of recommendations to the G20 over the year. Hosted by the Confederation of Indian Industry (CII), the B20 platform brought together about 1,500 members from G20 and invitee countries, and numerous other stakeholders from across the globe.

Narendra Modi to Russian President Vladimir Putin. For a substantive outcome, consider what the world gains from Russia’s own back-down. In unison, the G20 has called for a revival of the Black Sea grain deal.

Global Financial Crisis to precipitate ponderous deliberations into precipitate, coordinated action, such as infusion of liquidity, provision of swap lines to provide emergency access to foreign currency, institution of elevated capital adequacy norms for banks and extra, loss-absorbing buffers of capital for globally systemically important financial institutions, accompanied by periodic stress tests by banking regulators. The world does not face that kind of a crisis.

Joe Biden arrives in Vietnam on Sunday to deepen cooperation between the two nations, in the face of China's growing ambitions in the region. Biden — who is flying from the G20 summit in New Delhi — will meet the leader of Vietnam's ruling Communist Party, Nguyen Phu Trong, on Sunday, and is expected to sign off on a «comprehensive strategic partnership», Hanoi's highest level of diplomatic ties. The underlying goal of the short visit will be much the same as Biden's time at the G20 gathering — to shore up support against China's increasing influence. For Vietnam, the upgrading of diplomatic ties is significant.