Friday, November 21, 2014
Scintillating political batting by Modi
Since his anodizing in the coveted position as a head of our country, Modi’s scintillating political batting has compelled people and his critics love and revere him without any iota of doubt. He has stumped all the leading leaders of the east and the west. First, he mesmerized Japan’s PM Abe, then convinced China’s President to invest in India substantially, stunned USA and now entices and enlivens the leaders of the G20. On last Sunday, he again aroused the happiness-squelching people of Australia mostly comprising the Indians by his vivacious and glamorous countenance with eloquent speeches. In the backdrop of discussions, G20 nations accepts India’s stance to repatriate black money. Modi has made a fervent appeal to all the nations gathered therein to provide adequate information to curb this trend of money laundering. All the leaders of G20 summit put a seal of concurrence to Modi’s plea on the need of transparency and disclosure of tax information. At the summit, Modi made a tumultuous uproar, of course with dignities and established this point of black money issue very distinctly. This is a major gain for India in G20 summit. The Indian government ratified this decision of G20 summit as an unprecedented success mainly of Modi’s relentless and assiduous efforts. While addressing at the summit, he also called for close global coordination to overcome this cumbersome and complicated issue of black money accumulated illegally. He put forward his views that G20 being industrialized and major emerging economies, must find out a solution to this nagging bottleneck, so as to augment the economic growth of all the nations.
Modi is of the view that once the new standard of documentation and procedures is established, it will be instrumental to track the information related to unaccounted money stashed abroad. He also says that this will ease to repatriate the money, which is channeled through illegal route and have no sanctity.
Modi is confident that ratification of India’s view by the G20 will bring a major change in curtailment of this unwanted activity and G20 is the best and suitable platform for the same as it accounts for 85% of the world’s GDP.
Modi while raising his voice for this black money issue appealed everybody, especially tax havens to furnish information for tax purposes exercising the treaty obligations. Further, he also expressed that all sorts of administrative machineries and help will be provided by his government to facilitate exchange of information and adequate support in tax policy.
Modi expressed his concern to avoid cross border tax avoidance and evasion and to eradicate this, he also urged to take the assistance of increasing mobility of capital and technology. In this way, avoidance of tax can be minimized in favor of increasing profit sharing. He advocated for Base Erosion and Profit Sharing system, which will definitely address the concern of developed and developing economies.
At this summit, apart from various political discussions and decisions thereof, for one aspect, G 20 has taken a pragmatic view, which is to reduce the remittance cost and India will be benefited significantly as it is the world’s largest recipient of remittance of 71 billion dollars last year. Further, German Chancellor took a chance to have a communiqué with Modi to reconsider the move of dropping German as an alternative to Sanskrit in Kendriya Vidyalayas and she was assured of a proper solution as feasible to the system of India.
Overall, Modi has made a great impact on the leaders of the G20 and through his positive and assertive body language, it was conveyed that India is emerging as a rising sun, though being pervaded with a bit of an eclipse in the past decade, but now it is an opportunity for everyone to hear India’s logical explanation for investment in this country for advantage of all the nations from various angles of political, social and economical.
The world is now eager to see Modi’s further course of action to augment the growth prospect of India, and hopefully by 2025, our country will be a world leader on all fronts under the stewardship of Modi.