Acknowledging steps being taken by India for sustainable and inclusive growth as well as support to global economy, the G20 has praised the initiatives in the country for promoting ease of doing business, startup funding and labour reforms. It further said India is facilitating external commercial borrowings (ECBs) by startups in order to encourage innovation and promote ease of doing business, as part of the efforts being taken by the G20 members this year for maintaining momentum on structural reforms and sustainable growth. The acknowledgement of various reform measures by G20, whose members include 19 countries and the European Union, has come as the latest boost to hopes for better ranking for India in terms of ease of doing business. Global institutions like the World Bank, IMF, WTO, OECD, ILO, WHO and the Financial Stability Board (FSB) are among the partners to the G20. G20 member countries include the US, UK, Germany, India, Australia, Japan, Russia, Argentina, Brazil, Canada, China, France, Indonesia, Italy, South Korea, Mexico, Saudi Arabia, South Africa and Turkey. In the action plan, the G20 members resolved that they will continue to use all policy tools — monetary, fiscal and structural — individually and collectively to achieve the goal of strong, sustainable, balanced and inclusive growth, while enhancing economic and financial resilience. The G20 leaders also committed to refrain from competitive devaluations and said they will not target their exchange rates for competitive purposes.

(The Hindu)