G20 - Current Affairs Questions and Answers

ANSWER: G20 Development Track

Explanation:
Former economic affairs secretary Shaktikanta Das was on 27th Nov, 2017 appointed India's sherpa till December 31, 2018, for the G20's Development Track.

There are two tracks in G20 - the Finance Track and the Development Track.

Finance Track is managed by the Secretary (Economic Affairs), Ministry of Finance, as India's Deputy to G-20 and the Development Track is coordinated by the sherpa.

The Department of Economic Affairs will provide necessary support to the Sherpa.

ANSWER: Varanasi

Explanation:
The third meeting of the G20 Framework Working Group concluded on 29 March 2017 in Varanasi, UP.

The meet saw discussions on the current global economic conjecture as well as deliberations on the policy options that countries can pursue to counter the challenges.

The focus of the meeting was to deliberate on the inclusive growth agenda of the G20 and formulation of a framework for country specific inclusive growth policies.

In the two-day meeting, officials from more than 30 countries discussed the growth strategy to raise the world GDP by 2 per cent till 2018.

Since the inception of the Framework Working Group in 2009, this is the fourth occasion India is hosting this meeting.

The meeting was co-hosted by the Union Ministry of Finance and the Reserve Bank of India (RBI).

G20 group is helping India to enhance the production from the manufacturing capacity to INR 2 lakh crore under the Make In India initiative.

G20: Know More

• The G20 (or G-20 or Group of Twenty) is an international forum for 20 governments.
• It also covers central bank governors from 20 major economies.
• It was founded in 1999 with the aim of studying, reviewing, and promoting high-level discussion of policy issues.
• It is concerned with the promotion of international financial stability.

ANSWER: UK

Explanation:
Britain beat off tough competition from Japan to hold on to its position as the largest G20 investor in India and the biggest job creator through FDI.

Between 2000 and 2016, the UK invested USD 24.07 billion in India and created 3,71,000 jobs, the Confederation of British Industry (CBI) found in its 'Sterling Assets India' report.

Japan by comparison invested around USD 23.76 billion, followed by the US at USD 19.38 billion as the top G20 investors in India.

The top reasons British firms invest in India are the size and growth potential of the market, the easy availability of talented workers and the stable political system, according to the report.

The analysis, supported by PricewaterhouseCoopers (PwC) and UK India Business Council (UKIBC), found that Britain had increased its investment into India by 1.87 billion pounds between 2015 and 2016.

This is representing 8 percent of all foreign direct investment (FDI) into the country.

These figures reflect the thriving commercial links that Britain's businesses large and small, and from a whole host of sectors have built in India.

From strengthening the UK's leading position as the largest G20 investor in India to being the biggest Indian job creator through direct investment, it's clear the country is a magnet for British firms.

Further reductions in India's corporate tax rates and improvements to the ease of doing business will see the relationship between India and the UK go from strength to strength.

The chemicals sector receives the major share of British investment in India at USD 6.1 billion (25 percent of UK FDI), followed by drugs and pharmaceuticals at USD 4.1 billion (17 percent) and food processing at USD 3.2 billion (14 percent).

The total number of people employed by British companies in India currently stands at 788,000, representing 5.3 percent, or one in 20, of private sector jobs.

UK: Know More

• The United Kingdom is made up of England, Scotland, Wales and Northern Ireland.
• It is an island nation in northwestern Europe.
• Capital: London
• Code: +44
• Prime minister: Theresa May
• Currency: Pound sterling
• Population: 64.1 million (2013) World Bank