Prime Minister Narendra Modi has called for policy coordination among major economies. Addressing plenary session of G-20 on Delivering Global Economic Resilience at Brisbane in Australia, he said close coordination is important not just for addressing the challenge of black money but also security issues like terrorism, drug trafficking and arms smuggling.
The Prime Minister said although every country has its domestic priorities but coordinated decisions may help all in the long run. He said India will support all initiatives to facilitate exchange of information and mutual assistance in tax policy and administration.
It would be instrumental in getting information at unaccounted money hoarded abroad and enable its eventual repatriation. Mr. Modi said increased mobility of capital and technology have created new opportunities for avoiding tax and profit shifting. He urged global community, especially those of tax havens, to provide information for tax purposes in accordance with treaty obligations. The Prime Minister said resilience of financial system will also depend on cyber security. He expressed hope that base Erosion and Profit Shifting system would fully address concerns of developing and developed economies.
Earlier in the morning, Mr. Modi met German chancellor Angela Merkel and discussed issues of mutual interest. Our correspondent reports that Prime Minister will unveil a statue of Mahatma Gandhi at Roma street Parkland in Brisbane this evening. Mr. Modi will attend a civic reception hosted by Premier of Queensland Campbell Newman and Lord Mayor of Brisbane.
Prime Minister Narendra Modi has proposed setting up a global virtual centre for clean energy research and development. In his address at the plenary session of G20 at Brisbane in Australia the Prime Minister made this suggestion. He said the centre could be accessible to all countries and be a hub for sharing information, innovative practices, policies and technologies. In this context he also said that apart from physical infrastructure there is a need to focus on digital infrastructure.
