India to voice its opposition against proposed loan clause on environment at G20

Prime Minister Narendra Modi is expected to voice India's strong opposition to conditions on environmental and social standards being proposed by multilateral agencies for project loans, at G20 leaders’ summit.

"Our interest is a fair and equitable climate agenda. We will seek a balance between concerns for climate change and the need for development," economic affairs secretary Shaktikanta Das told reporters in Antalya.

New Delhi is also expected to seek a roadmap for the $100 billion climate financing that has been promised by developed countries by 2020.

Das also said India will voice its concerns against the new conditions being proposed by agencies such as the World Bank as this will make loans costly and be a burden on development. India is one of the biggest borrowers from the World Bank.

He also said India will reiterate its demand for implementation of the International Monetary Fund, quota reforms agreed in 2010 as well as governance reforms at the multilateral agency to better reflect the new global economic order. India has taken up the issue of IMF reforms with the United States.

Modi will also press for adoption of the recommendations on Base Erosion and Profit Shifting and automatic exchange of information as it steps up its fight against black money.

The PM will also meet leaders from BRICS countries on the sidelines of the summit when they will undertake a review of the new development bank and the global economy. A meeting with US President Barack Obama is also on the cards though there has been no confirmation on this so far.

Das said India will insist on country-specific strategy for development. "There cannot be a 'one size fits all' strategy," he said adding that the G-20 leaders will review the progress made in delivering on the commitment to add 2 per cent to global growth. India is expected to showcase its strong economic growth which enabled it to emerge as a significant contributor to global growth.

On employment, India will back the demand for global mobility of skilled labour and the need to make it more flexible, Das said adding that visa restrictions on employment will be taken up under this segment.

(Image credits: Indiatimes)