G-20 Summit Buenos Aires 2018: Complete Highlights

The G-20 Summit 2018 was held in Buenos Aires, Argentina. G-20 is a grouping of the world’s 20 major economies. This year, the theme of the summit was ‘Building Consensus for Fair and Sustainable Development’. 

Following are the important agenda discussed during the summit:

1. Climate change: G20 signatories to the Paris Agreement on climate, which is all of them except the US, pledged the “full implementation” of the pact, which they called “irreversible.” They also took note, without further pledges, of UN scientists’ call for a more ambitious target of reducing warming to 1.5 degrees Celsius above pre-industrial levels.

2. Trade: Bowing to the view of Trump’s administration, the G20 stated that multilateral trade was “falling short of its objectives” on promoting growth and job creation.

3. IMF: Calling the International Monetary Fund crucial to the global safety net, the G20 pledged to provide adequate funding and to meet a goal of finalising new national quotas in time for the global lender’s spring 2019 meetings.

4. Corruption: The G20 “committed to prevent and fight corruption and lead by example,” promising action from 2019 through 2021 on cleaning up state-run enterprises.

5. Gender inequality: The G20 recommitted to a four-year-old goal of reducing the gender gap in the labor force by 25 percent by 2025.

6. Future of work: Noting that new technologies will transform the nature of labour, the G20 called for “an inclusive, fair and sustainable” future of work, with retraining of workers where needed.

7. Infrastructure: Calling infrastructure a key driver of global growth, the G20 called for greater standardisation in contract-making to encourage more private capital.

Prime Minister Narendra Modi highlighted the flagship programmes like the Pradhan Mantri Jan Dhan Yojna, MUDRA and Start-up India undertaken by Indian government to modernise the economy and promote inclusive growth at the opening session of the G-20 summit in Buenos Aires.

(i) PMJDY: Pradhan Mantri Jan Dhan Yojana is a financial inclusion programme that aims at expanding and making affordable access to financial services to the last man in the row. Since its launch on August 15, 2014 till June 27, 2018, over 31 crore bank accounts were opened and over Rs. 7,92,00 crore were deposited under the scheme.

(ii) MUDRA: It stands for Micro Units Development and Refinance Agency, is a financial institution set up in 2016 for development and refinancing micro units enterprises. It provides funding to the non-corporate small business sector through various last mile financial institutions like banks, non banking financial companies (NBFCs) and Micro Finance Institutions (MFIs).

(iii). Start-up India: Launched in January 16, 2016, the Startup India is an initiative of the Indian government to promote startups, generate employment and create wealth.

Source: The Hindu Business Line

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