India will push developed nations to honour their 100 billion dollars climate change finace promise.
India's focus at the G20 summit in China next month will be on global structural reforms to generate jobs, spur inclusive growth and discuss issues relating to the 100 billion dollars climate financing committed by developed nations, the Economic Affairs Secretary Shaktikanta Das said today.
Though developed countries have committed 100 billion dollars to climate finance, its realisation is nowhere in sight, Mr Das said.
"So we would again stress the developed nations to make available the 100 billion dollars which is new and additional source of financing,"
Mr Das also highlighted India's sturdy economic reforms program including the recently passed Goods and Services Tax saying that India's status as the fastest growing economy will get necessary focus at the G20 meet.
"Last year we got 55 billion dollars in terms of foreign direct investment, which is a record of sorts for India. This happened mainly because India has become a much more attractive investment destination."
India is among very few countries with growth rates of over seven per cent, and among major economies it remains the fastest growing economy according to Mr Das.
"Fiscal parameters are robust. Fiscal deficit is under control. Target numbers are being achieved. Current Account Deficit last year was only 1.1 per cent. At one time, it was almost 6 per cent. Last year we closed at 1.1 per cent," he said.
On the BRICS (Brazil, Russia, India, China, South Africa) Summit to be held in India in October Mr Das said, "We are now developing BRICS rating agency. Today all the rating agencies are from US. So we are looking at promoting a rating agency. We are working more on that."
On reforms in the International Monetary Fund and the World Bank, Mr Das said India and China are stressing the need for a change in the quota regime of International Monetary Fund.