G20 hails India’s labour reforms, start-up policy
Hamburg Action Plan praises eforts to boost innovation
- Acknowledging the steps being taken by India for sustainable and inclusive growth as well as support to global economy, the G20 has praised the initiatives in the country for promoting ease of doing business, start-up funding and labour reforms
- In its Hamburg Action Plan, adopted at the G20 Summit, the group also noted that “in the financial sector, India is popularising a number of derivative instruments in exchanges or electronic trading platforms” as part of the measures to enhance resilience of its economy
- It further said India is facilitating external commercial borrowings (ECBs) by start-ups to encourage innovation and promote ease of doing business, as part of the efforts being taken by the G20 members this year for maintaining momentum on structural reforms and sustainable growth
- On steps being taken by G20 countries for promoting inclusive growth this year, the Action Plan said India is introducing labour market reforms to provide security to workers, increase female participation in the workforce and make doing business easier in the country.
- Ease of doing Business:The World Bank ranked the country at a low 130th position last year, an improvement of just one position from the previous year.The government has said it wants India to be ranked in the top-50 nations.
- The areas where India ranks poorly as per the World Bank ranking include:
- starting a business,
- dealing with construction permits,
- registering property,
- paying taxes,
- trading across borders,
- enforcing contracts
- and resolving insolvency
- . Global institutions like the World Bank, IMF, WTO, OECD, ILO, WHO and the Financial Stability Board (FSB) are among the partners to the G20.
- “The global economic recovery is progressing and gaining momentum. Investment has picked up, and trade and manufacturing are showing signs of recovery.
- “Weak productivity growth, income inequality and ageing populations represent challenges to growth in the longer term,” the G20 Action Plan noted.
- It included new policy actions to tackle challenges in economies, focusing on initiatives that foster inclusive growth, enhancing resilience and further the G20 efforts to implement structural reforms.
Political storm jolts Nagaland Ministry
- Nagaland plunged into a political crisis on Sunday with former Chief Minister T.R. Zeliang staking claim to form a new government by ousting the incumbent Shurhozelie Liezietsu.
- Mr. Zeliang claimed the support of 41 of the 59 MLAs in the Assembly and wrote to Governor P.B. Acharya, seeking an invitation to form the new Naga People’s Front (NPF)-led Democratic Alliance of Nagaland government at the earliest.
- Mr. Zeliang, who had to step down on February 22 following State-wide protests against holding of polls to urban local bodies with 33 per cent reservation for women, asserted that he had got the support of 41 MLAs after a majority of the ruling NPF legislators rebelled against Mr. Liezietsu
Easier access to H1N1 medicines raises fears of drug resistance
- Doctors feel misuse will lead to a situation of anti-viral medications turning inefective.
- Concerns regarding a build-up of resistance to antiviral drugs used to treat swine flu are surfacing, after two such drugs - Oseltamivir and Zanamivir - were taken off the restrictive Schedule X of the Drugs and Comestics Rules. Now under Schedule H1, the drugs can be stocked by all chemists.
- Drugs under Schedule X require three copies of prescription for the doctor, patient and chemist, and can be sold by a chemist who holds a special Schedule X licence
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