India on Saturday favoured greater mobility of skilled labour besides increased movement of goods and capital arguing that it would help the developed nations which are faced with the problem of ageing population. “... our efforts for goods movement and capital liberalisation should be complemented by skilled labour mobility. This will be of considerable help to countries facing demographic challenges due to ageing populations,” Finance Minister Arun Jaitley said.
The minister made these remarks during his intervention at the G20 Session on <g data-gr-id="36">framework</g> for strong, sustainable and balanced growth. India has been seeking liberalised visa regime in the developed countries so ensure freer movement of skilled professionals with a view to boost growth of services sector which contributes about 60 <g data-gr-id="25">per cent</g> of the country’s economic growth. The freer movement of <g data-gr-id="34">labour</g> force, Jaitley said, will also help the developed countries to meet the labour
shortage and declining demand. He said that the Framework Working Group (FWG) of G20 had devoted <g data-gr-id="32">significant</g> amount of space to discussion on the “issue of declining potential output in major economies”.
According to an Indian government report, while the developed world is faced with ageing population, India is a comparatively young nation as more than 54 <g data-gr-id="26">per cent</g> of the country’s population is below the age of 25. Armed with demographic advantage, it can provide <g data-gr-id="28">skilled</g> workforce to fill the expected shortfall in the ageing developed world.
Meanwhile, in order to safeguard minority shareholders’ interests and promote capital market as a key platform to raise funds, the G20 and OECD on Saturday announced new Corporate Governance Principles for listed companies and regulators in all member countries including India. Consequently, the regulators and policymakers across the world, which include Sebi in India, will update their regulations for the listed firms in line with the new code.
The new global principles, released here on the sidelines of the G20 Meeting of Finance Ministers and Central Bankers being attended by Finance Minister Arun Jaitley and RBI chief Raghuram Rajan, call for protecting shareholders’ rights and keeping CEO salaries reasonable, while making adequate disclosures for the benefit of investors. The new code calls for enhanced cross-border cooperation among regulators, including through bilateral and multilateral arrangements for exchange of information.