Repatriation of black money kept abroad is a priority: PM Narendra Modi

BRISBANE: Prime Minister Narendra Modi on Saturday said repatriation of unaccounted money from abroad was a key priority for his government and the unaccounted money abroad posed both economic and security challenges. He said this during a closed door intervention at the meeting of BRICS leaders ahead of the G20 summit in Brisbane.

Towards this, the prime minister also stressed the need for better international policy coordination, and the need to reform global economic institutions. He suggested the creation of a digital hub for sharing of information and best practices for infrastructure.

On Saturday, Modi carried on with his hectic international diplomacy holding parleys with world leaders, including US President Barack Obama, over bilateral meetings and informal discussions on the fifth day of his whirlwind three-nation 10-day tour.

Modi said the G20 meeting was taking place in the shadow of continued weak global economic growth. He said political turbulence in many parts of the world, and the Ebola pandemic were also factors of concern. Therefore, he said, there was a need for a positive environment to achieve economic goals, and G20 can support this effort. He said there was a strong need to give a message to revive economic confidence and boost growth and job creation, according to a statement.

Modi will speak at the G20 Plenary on Sunday when there will be an opportunity to make an intervention on the issue of black money, said external ministry spokesperson Syed Akbaruddin. Modi also held first-time meetings with Canadian Prime Minister Stephen Harper, French President Francois Hollande and Saudi Arabia’s Crown Prince Salman bin Abdulaziz Al Saud. The meetings with Hollande and Harper were largely introductory, during which Modi received invites from the two leaders to visit both countries. He will on Sunday meet German Chancellor Angela Merkel and Spanish Prime Minister Mariano Rajoy on the sidelines of the G20.

More meetings are on the anvil during the remaining days in Australia and Fiji, where he will be making a day-long visit. He will also be unveiling a statue of Mahatma Gandhi at Roma Street Parkland in Brisbane and meeting Queensland Prime Minister Campbell Newman. Later, Modi will attend a civic reception hosted by the Queensland premier which will be attended by Lord Mayor Graham Quirk at the City Hall.