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Jobs, slowing investment, US Fed hike policy challenges: Jaitley
Washington, Oct 15 (IANS) Employment creation, the global slowdown in investments and the possible impact that the US Federal Reserves move normalise monetary conditions can have on emerging economies are three major policy challenges, Finance Minister Arun Jaitley has said.
“The risks posed to emerging markets and developing economies by the US Federal Reserve’s steps towards restoring normal monetary conditions, the global slowdown in investments and employment are the three policy challenges,” Jaitley said at a discussion here of the International Monetary and Finance Committee (IMFC), according to a statement from the Finance Ministry on Sunday.
Monetary policy tightening in the US could cause capital outflows from emerging economies affecting their current account deficit, he said.
Jaitley also said the highest priority for the government is to create new jobs as millions of young people enter the workforce every year.
“India is currently one of the few large economies in the world in the virtuous phase of its demographic transition and the most important priority of the government is to find ways to provide employment to the 12 million young people entering the workforce annually,” he said.
Jaitley, who led the Indian delegation to the annual meetings of the International Monetary Fund and the World Bank, said the short-term adverse impact of the Goods and Services Tax GST and demonetisation have been mostly overcome.
“Recent data in manufacturing sector indicate that India’s growth story is soon getting back to its normal course,” he said.
Addressing the annual meetings of the IMF and the World Bank here on Saturday, he called for urgent revision of the IMF quota in favour of dynamic emerging markets so as to reflect the ground realties of the world and hoped this could be accomplished as part of the 15th General Review of Quotas.
“There is an urgent case for revising quota shares in favour of dynamic emerging market countries in line with global economic realities to maintain fairness in the governance structure of the Fund,” he said.
“We should make every effort to complete the 15th Review by the agreed timeline of 2019 Annual Meetings,” he added.
Regarding the World Bank Group, Jaitley said the unanimously agreed Lima Roadmap had earlier envisaged a conclusion of the 2015 shareholding review by the Annual Meetings 2017.
“While we note that we failed to deliver it, given the progress that has been made so far, we strongly urge all to commit to deliver an equitable conclusion of this process for both the IBRD and IFC by the Spring Meetings 2018,” he said.
“We look for an expeditious decision on capital enhancement through both selective capital increase (SCI) and general capital increase (GCI) for both the IBRD and IFC, by Spring Meetings 2018,” he added.
The Indian Finance Minister warned that sudden reversal of monetary accommodation by advanced economies could increase policy strains in emerging markets and developing economies (EMDEs).
“The risks of growing populism and consequential loss in trade volumes will affect global recovery adversely, and it is incumbent upon all of us to foster cooperative multilateral efforts to boost fair trade practices,” he said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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