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India's <keyword id="19985205" type="General" weightage="20" keywordseo="G20" source="keywords">G20</keyword> Sherpa <keyword id="19965807" type="General" weightage="20" keywordseo="Amitabh-Kant" source="keywords">Amitabh Kant</keyword> led the Indian delegation to the 3rd G20 <keyword id="22284800" type="General" weightage="20" keywordseo="Sherpas-Meeting" source="keywords">Sherpas Meeting</keyword> in <keyword id="20211403" type="General" weightage="20" keywordseo="Rio-de-Janeiro" source="keywords">Rio de Janeiro</keyword>, the Ministry of External Affairs said. In a post on X, the official spokesperson of MEA, Randhir Jaiswal wrote, "India's G20 Sherpa @amitabhk87 led the Indian delegation to the 3rd G20 Sherpas Meeting in Rio de Janeiro." https://x.com/MEAIndia/status/1808713887229096428 At the G20 Sherpas meeting, Kant highlighted the need for focus on economic growth, and sustainable development, amongst other things. "He highlighted the importance for @g20org to focus on economic growth, sustainable development, finance and energy transition while supporting the priorities of the Brazilian G20 Presidency," the MEA said. Earlier in March, Officer on Special Duty (OSD) G20 Abhay Thakur participated in the G20 Development Working Group Meeting in Brasilia on March 18-19. During the meeting, he highlighted India's successful utilisation of DPI-enabled national programmes across various sectors including rural development, social welfare, women's empowerment, education, and healthcare. Notably, <keyword id="19935367" type="General" weightage="20" keywordseo="Brazil" source="keywords">Brazil</keyword> holds the G20 presidency from December 1, 2023, to November 30, 2024. The G20 Leaders' Summit is scheduled to be held in Rio de Janeiro from November 18-19, with the presence of the leaders of the 19 member countries, plus the African Union and the European Union. The G20 is made up of 19 countries - Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Saudi Arabia, South Africa, Russia, Turkey, the UK and the US and two regional bodies: the African Union and the European Union. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a>

G20 in Rio de Janeiro: Amitabh Kant leads Indian delegation to 3rd Sherpas Meeting

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and the United States have agreed to extend the 2 per cent <keyword id="21019311" type="General" weightage="20" keywordseo="equalisation-levy" source="keywords">equalisation levy</keyword> or <keyword id="22218152" type="General" weightage="20" keywordseo="digital-tax" source="keywords">digital tax</keyword> on <keyword id="19990771" type="General" weightage="100" keywordseo="e-commerce" source="keywords">e-commerce</keyword> supplies until June 30. On Oct 8, 2021, both countries joined 134 other members of the <keyword id="22218153" type="General" weightage="20" keywordseo="OECD/G20-Inclusive-Framework" source="keywords" meta.keywordsubtype="org" meta.entityname="OECD/G20 Inclusive Framework" meta.hostid="153" meta.entityid="OECD/G20 Inclusive Framework">OECD/G20 Inclusive Framework</keyword> (including Austria, France, Italy, Spain, and the United Kingdom) in reaching agreement on the Statement on a Two-Pillar Solution of OECD/G20, to Address the Tax Challenges Arising from the Digitalization of the Economy. On November 24, 2021, India and the United States agreed that the same terms that apply under the October 21 Joint Statement shall apply between India and the United States with respect to India's charge of 2% equalisation levy on e-commerce supply of services and the United States trade action with respect to the said Equalisation Levy. The validity of this agreement was from 1st April 2022 till the implementation of Pillar One or 31st March 2024, whichever is earlier. This was stated in public statements made by both sides on November 24 Statements. On February 15, 2024, the United States AND Austria, France, Italy, Spain, and the United Kingdom decided to extend the political compromise set forth in the October 21 Joint Statement until June 30, 2024. "In light of the above developments, India and the United States have decided to extend the validity of the agreement reflected in November 24 Statements until June 30, 2024. All other terms of the transitional approach remain the same," the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="153" meta.entityid="finance ministry">finance ministry</keyword>'s release said The OECD/G20 two-pillar solution addresses the tax challenges arising from the digitalization of the economy and aims to modernize the international tax framework. This pillar introduces a global minimum corporate tax rate to prevent tax base erosion and profit shifting (BEPS). The minimum tax rate ensures that MNEs pay at least a minimum level of tax regardless of where they are headquartered or where they operate. It also mandates to implementation of Global Anti-Base Erosion (GloBE) rules to ensure that foreign income is taxed to restore a level playing field and eliminate the need for countries to offer very low tax rates in order to compete for inbound investment. The Finance Ministry further added in the statement that both countries will remain in close contact to ensure that there is a common understanding of the respective commitment and endeavour to resolve all issues on this matter through constructive dialogue.

India-US agrees to extend 2% digital tax on e-commerce supplies until June 30

Watch the awkward exchange between Xi Jinping and Justin Trudeau at the G20 Summit

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], March 11 (ANI): Global rating agency Moody's expects India's economic growth in 2024-25 growth above that of other emerging market G20 peers, given its domestic demand managed to sustain momentum. India's real GDP growth accelerated to 8.4 per cent year over year in the October-December quarter of 2023, up from upwardly revised prints of 8.1 per cent in July-September and 8.2 per cent in April-June. The global rating agency Moody's attributed India's firm growth primarily to solid capital expenditure, defying private consumption which remained "sluggish" amid still-weak rural demand. On the supply side, an 11.6 per cent surge in manufacturing output and strong service sector activity more than offset a decline in agricultural output in India, it said. Even so, it said high-frequency indicators, including expanding <keyword id="20905252" type="General" weightage="20" keywordseo="purchasing-managers" source="keywords">Purchasing Managers</keyword>' Index (PMI), rising auto sales, consumer optimism and double-digit credit growth, suggest that the economy's strong October-December momentum carried into January-March this year. "Some of the large emerging market (EMs) countries stood out in 2023 for their resilient economies amid high-interest rates, exchange rate volatility, subdued capital flows and muted external demand. This year, we expect growth to slow across several major EMs as the economies transition to a post-pandemic steady growth path," Moody's said in its Macro Monday report, chaptered 'G-20 emerging markets are poised for growth stabilization'. In its recently published <keyword id="20905253" type="General" weightage="20" keywordseo="global-macro-outlook" source="keywords">Global Macro Outlook</keyword>, it forecasted G20 emerging market growth to stabilize around 4.0 per cent in 2024 and 2025, down from 4.7 per cent in 2023 as global monetary policy gradually normalises. On an annual basis, domestic demand was the primary engine of growth in several G20 emerging markets. "We believe growth cycles in India and Indonesia are at their peak, Brazil and Mexico are likely past their peak, and <keyword id="19899437" type="General" weightage="20" keywordseo="south-africa" source="keywords">South Africa</keyword>'s growth has likely troughed. Nevertheless, we expect relatively stable growth at close to potential in 2024 and 2025 for most G-20 EMs." On the policy side, the rating agency expects continuity after the general election in April-May and continued focus on infrastructure development. It forecasts India's real GDP to grow about 6.8 per cent in 2024 and 6.4 per cent in 2025, from 7.7 per cent in 2023. India's GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24 and the country continued to remain the fastest-growing major economy. The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters - April-June and July-September. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively. In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), India's finance ministry recently asserted. (ANI)

Domestic demand to keep India's growth above other G20 emerging markets: Moody's

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G20 in Rio de Janeiro: Amitabh Kant leads Indian delegation to 3rd Sherpas Meeting

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India-US agrees to extend 2% digital tax on e-commerce supplies until June 30

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Watch the awkward exchange between Xi Jinping and Justin Trudeau at the G20 Summit

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Domestic demand to keep India's growth above other G20 emerging markets: Moody's

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