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<keyword id="6355261" type="General" weightage="60" keywordseo="finance-minister" source="Orion">Finance Minister</keyword> <keyword id="129243" type="General" weightage="70" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Friday said businesses will have to factor in the impact of global terror while making investment decisions. Addressing the Kautilya Economic Conclave 2023, she said <keyword id="6358165" type="General" weightage="70" keywordseo="terrorism" source="Orion">terrorism</keyword> is impacting the entire globe and no region is spared. With that level of risk or uncertainty coming into business decision-making, investments will face uncertainty and high risk permanently, she said. "Businesses can no longer be just attracted by policies or by the openness of an economy. The risk that investors and businesses will have to factor into their decision-making is going to be strongly influenced by the impact of global terror," she said. On globalisation, she said there is pessimism about it. "Who is grouping with whom, who has left the Group and who and who is remaining outside of all these groups or forming new groups. So re-globalisation but with different shades and colour and flavour," she said. On climate finance, Sitharaman said India used its own resources to fulfill its Nationally Determined Commitments (NDCs) as outlined in the Paris Agreement under the leadership of Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>. Anyone suggesting that this should be an obvious course of action must also consider that developing countries may not have the financial capacity for such significant climate financing, she said. "Consider a country like India, where developmental goals and aspirations are being achieved at an unprecedented pace and where a significant portion of the population still requires support. The question arises: Where will the necessary funds come from?," she questioned. With regard to energy transition, she said the world does not have an answer to this. "There is an urgent need for us to sit up and see what this climate action is going to be if you have no clue on where this transition energy is going to come from," she said. Speaking about G20 India presidency, Sitharaman said, the agenda of the Finance Track was chosen on considerations having global implications. Spelling out some of the agenda items of the Finance track, she said these included readying Multilateral Development Banks (MDBs) for the 21st Century challenges, regulating crypto assets, debt distress due to lack of timely action by international institutions. Besides, funding of futuristic cities, success of India's Digital Public Infrastructure (DPI) and Two-Pillar solution on Taxation issues were also there. Each one of the agenda points found a very good resonance in the G20 Presidency under India, she said. To come up with a template to regulate crypto assets is one of the high points of India's presidency, she added. Last week, finance ministers of the G20 nations called for swift and coordinated implementation of the G20 roadmap to deal with the issues related to crypto assets. The G20 Roadmap on Crypto Assets adopted by the G20 Finance Ministers was spelt out in a Synthesis Paper prepared jointly by the International Monetary Fund (IMF) and Financial Stability Board (FSB). It is a detailed and action-oriented roadmap that will help coordinate global policy as well as develop mitigating strategies and regulations on such assets while also taking into consideration the specific implications on Emerging Markets and Developing Economies (EMDEs). Going forward, regular updates on the progress of the roadmap will be provided by the IMF and the FSB in G20 meetings.

Businesses need to factor in impact of terror while making investment decisions: FM

The process of the world's transition towards 'net-zero' needs to be inclusive to avoid accentuation of social inequality challenge and the 'exemplary progress' made by <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> in the area is worthwhile for the global community to look at, <keyword id="6357073" type="DOMAIN" weightage="20" keywordseo="itc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="itc" meta.entityname="ITC Ltd." meta.entityid="13554" meta.seoname="itc-ltd">ITC</keyword> Chairman and Managing Director <keyword id="1968926" type="General" weightage="50" keywordseo="sanjiv-puri" source="Orion">Sanjiv Puri</keyword> said on Monday. In his address at the Business-20 (B20) India inception meeting in Gandhinagar, <keyword id="4903" type="General" weightage="100" keywordseo="puri" source="Orion">Puri</keyword> also called for collective efforts in the G-20 and global community to come together to find solutions in a collaborative fashion for a sustainable future. "The fact that the world has to transition to net-zero, the fact that the world needs to move to a more sustainable and greener future is well acknowledged and understood. However, as we all know, progress has not been adequate," Puri said at the meeting organised by <keyword id="6358345" type="General" weightage="50" keywordseo="cii" source="Orion">CII</keyword>. There are challenges, there are critical, financial and social issues that need to be addressed, to accelerate progress, he added. "It is important as we traverse this complex journey that the process is inclusive, no country, no community, no enterprise should be excluded in the process. Otherwise, the whole challenge of social inequality will only get accentuated," Puri cautioned. In this context, he said,"I think it would be worthwhile to look at the manner in which India has made exemplary progress in this area. India is on its way to deliver on the NDCs (Nationally determined contributions) that India has committed. It's in fact the only country amongst the G-20 that is in a position to do so." Whilst India has made appreciable progress through purposeful policy interventions, he said,"Equally it has recognised the need for an inclusive process. The focus on <keyword id="6358354" type="General" weightage="50" keywordseo="msme" source="Orion">MSME</keyword>, the focus on rescaling, upskilling, I think the whole India stack of digital provides the vehicles for collaboration and inclusive growth." <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tata steel" meta.entityname="Tata Steel Ltd." meta.entityid="12902" meta.seoname="tata-steel-ltd">Tata Steel</keyword> CEO and Managing Director TV Narendran agreed that there was a need to move towards a sustainable future by taking along all the stakeholders. "There are millions of people who are working in the coal or the fossil fuel ecosystem. How do you, as you transition into renewable energies, rescale those workers or how do you make sure that you deal with the socio-economic consequences of the changes that we are bringing about particularly in developing countries where the socio-economic consequences are going to be immense," he said. He asserted that there are multiple areas that "we need to work on and I think there is a need for us to now get into the details and get into those milestones that we need to achieve over the next few years, even as we chase the goals that you've set for the next few decades." Puri termed the journey ahead as "complex" with focus on many areas needed and said,"it requires all of us collectively, in G-20 and the global community to come together and find solutions in a collaborative fashion while delivering our own promises." He cited the example of collaboration in the <keyword id="3155010" type="General" weightage="50" keywordseo="international-solar-alliance" source="Orion">International Solar Alliance</keyword> and said it has brought the world together to harness the power of solar energy. "Similarly, there are many other areas we need to collaborate on and put our heads together and forge ahead," Puri said adding, enterprises as large economic organs of society must lead the way. He further said,"We (enterprises) are also users of a lot of societal resources. It's good that there is greater amount of interest, better trust amongst corporates, but I think the movement needs to be made much faster, the movement needs to be made much more inclusive, much more widespread." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/b20-has-important-role-to-play-can-be-value-adding-for-world-says-n-chandrasekaran/articleshow/97244919.cms">B20 has important role to play; can be value adding for world, says N Chandrasekaran</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-plans-to-launch-at-least-five-ipos-between-2026-to-2028/slidelist/97248256.cms">Gautam Adani plans to launch at least five IPOs between 2026 to 2028</a>

Transition to net-zero should be inclusive to avoid accentuation of social inequality, says ITC CMD Puri

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Businesses need to factor in impact of terror while making investment decisions: FM

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Transition to net-zero should be inclusive to avoid accentuation of social inequality, says ITC CMD Puri

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