G20-INDIA 2LAST

"Keeping precisely this aspect, in India we have come out "Keeping precisely this aspect, in India we have come outwith major changes in textile sector where lot of incentivesare being given to textile and garment manufacturers toincrease our share in the world trade," he said. Though the developed countries have committed for USD 100billion climate finance, its realisation is nowhere in sight,he said. "So we would again stress the developed nations to makeavailable the USD 100 billion which is new and additionalsource of financing," he said. On whether India’s current status of fastest-growingeconomy will get necessary focus at G20 to attract more FDI,he said "last year we got USD 55 billion which is an all timehigh. Mainly because India has become much more attractiveinvestment destination." First, India is among very few counties which is recording7-plus per cent. Among the major economies it is the fastestgrowing economy, he said. "Fiscal parameters are robust. Fiscal deficit is undercontrol. Target numbers are being achieved. Current AccountDeficit last year was only 1.1 per cent. At one time, it wasalmost 6 per cent. Last year we closed at 1.1 per cent," hesaid. Inflation is by-and-large under control. "We were around 5per cent retail inflation that is CPI. Now five or five-and-a-half that is the range. Last month only touched 6.07 per centbecause of vegetable price pulses milk and eggs," he said. With prediction of good monsoon and increase of acreageand raise "we expect inflation to moderate", he said. The BRICS, (Brazil, Russia, India, China, South Africa)Summit will discuss proposal to set up a rating agency. TheNew Development Bank of the BRICS has already taken off. "We are now developing BRICS rating agency. Today all therating agencies are from US. So we are looking at promoting arating agency. We are working more on that," he said. On the reforms in the IMF and the World Bank, Das saidIndia and China are stressing the need for quota regime ofIMF. The 14th quota review of IMF reforms has been justratified by the US Congress. "The 15th quota reform should have been finalised. The IMFhas set a target that by 2017 annual meeting reforms will bethrough, for which the negotiations on quota reforms should bespeeded up," he said. "With regard to World Bank, both India and China arereiterating and stressing the need to have the shareholderreform and recapitalisation of World Bank and governancereforms to give greater voice based on current realities. Thecurrent GDP numbers should be basis the basis not historicaldata," he said. On the Chinese investments in India, he said that as partof the rebalancing strategy China is cutting down excesscapacity on certain aspects of manufacturing, he said. PTI KJVABH AKJABH