Permanent Mission of India Geneva
General Statement by India at the 62nd Session of UNCTAD Trade and Development Board, delivered by Ambassador Mr. Ajit Kumar, Permanent Representative of India to the United Nations, Geneva
Mr. President,
Secretary General Dr. Kituyi,
1. Allow me at the outset to congratulate you Ambassador Alberto Pedro D'Alotto on your election to this important office. I also wish you to place of record my deep appreciation to Ambassador Ana Maria Menendez, Ambassador of Spain for her tireless efforts during the last year in steering the work the TDB. I also wish to thank Dr. Kituyi, Secretary-General and the secretariat for their constant support for the delegations and also convey our appreciation for their commendable work.
2. My delegation aligns with the statements made by Philippines on behalf of the G 77, and by Sri Lanka on behalf of the G 15.
3. The current TDB meeting assumes greater significance as it not only seeks to review and adopt broad understandings on the roadmap to the next UNCTAD Conference in Lima in March 2016 but also as it reviews the impact of international trade in the trends of development during the last few decades. We are happy to note that earlier in the day we agreed Ad Referendum the Theme and Sub-Themes ad referendum for the next UNCTAD Conference.
4.India deeply values the vital role played by UNCTAD as the nodal point in the United Nations for providing an integrated and cohesive framework to the development agenda, from the perspective of trade, investment, finance, technology, and sustainable development. Following the adoption of the Post-2015 Development Agenda and the Sustainable Development goals (SDGs) later this month, the discourse would be to further consolidate and expand the role of UNCTAD in realization of a more sustainable development.
Mr. President,
5. We would be making more substantive comments under various agenda items. We would, however, like to a reference to UNCTAD Secretariat’s comprehensive and well researched “World Investment Report 2015” brought out in June 2015. The Report points to an increase of FDI inflows into India to $34 billion in 2014, marking an increase of 22% compared to the figures of 2013. India’s new flagship programme ‘Make in India’ with the focus to facilitate investment, foster innovation & enhance skill development, is contributing immensely towards investment inflows into India. It is also projected that the FDI inflows to India are likely to maintain an upward trend in 2015. This report highlights the telltale signs of economic resurgence in India.
6.The Model Bilateral Investment Treaty of India is the first macro level step in making India’s investment ecosystem attractive to the global investors. UNCTAD should continue to play an important role in disseminating information about the work being done by Member States with regard to their investment treaties. This can bring the developed and developing nations on a common ground with regard to the form and structure of investment treaties.
Mr. President,
7. India reiterates its supports the institutional strengthening of UNCTAD and overall improvement in the working of the Secretariat, with greater effectiveness. The three pillars of policy analysis, consensus–building and technical cooperation of UNCTAD should continue to be strengthened the mandate as we prepare for the UNCTAD XIV Conference in Lima in 2016. We look forward to the report on the preparatory process for the fourteenth session of the UNCTAD Conference, which will be presented by the Secretary General of UNCTAD in this session of TDB.
8.The topicS of High-level segment, development strategies in a globalized world - multilateral processes for managing sovereign external debt and the role of women as catalyst for trade and development are very contextual and pertinent.
9.This 62nd session of Trade & Development Board provides an opportunity to discuss challenges faced by the developing countries in managing their external debt and review the main trends in the evolution of external debt indicators and composition. It is important for member states to discuss limitations of the current fragmented system of sovereign debt restructuring. My delegation looks forward to the deliberations to enhance sovereign debt restructuring mechanisms, especially a multilaterally based statutory approach.
10. The external debt management policy followed by India emphasizes monitoring of long and short term debt, raising sovereign loans on concessional terms with long term maturities, regulating external commercial borrowings through end-use and all-in-cost ceilings and rationalizing interest rates on Non-Resident Indian (NRI) Deposits. As a result, India’s external debt has remained well within manageable levels.
Mr. President,
11. The global financial crisis has demonstrated that economic liberalization and globalization need to be managed effectively to take advantage of it as an economic multiplier, and equally they have the potential to increase vulnerabilities in both the developed and developing if not managed cautiously. Financialization process has actually deepened after the global financial crisis, it would be instructive to understand how it has affected macroeconomic dynamics in developing & developed countries.
Mr. President
12. Before concluding, I would like to mention that UNCTAD since its inception, has been intellectually ahead of the curve in providing a forum for policy dialogue, consensus building and making a long-term contribution in the interest of developing countries.
13. My delegation reiterates its full support to the deliberations in this TDB which will provide actionable suggestions and guidance to UNCTAD for further policy analysis.
Thank you once again Mr. President.
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