The May edition of the Multilateral Newsletter highlights the key deliberations from the Forum and provides the key recommendations made by the OECD stakeholders. In addition, the edition covers major happenings at the World Bank, Asian Development Bank (ADB), B20 and International Labour Organisation (ILO).

1. 1
Message from Mr Chandrajit Banerjee,
Director General, CII
D
e a l i n g w i t h s o c i a l
challenges faced by the
major economies requires
solutions that aim at generation
of employment, better quality jobs
along with the assurance of effective
and efficient provision of services
to the public. To examine the
solutions that can act as a master
key to the challenges that the major
economies face, the Organisation
for Economic Co-operation and
Development (OECD) organized
the OECD Forum 2018 from 29-31
May.
The Forum aimed to provide an
opportunity to various stakeholders
to reflect upon strategies that enable
developing more resilient economies
and societies. The Forum was
organized around
three cross-cutting
themes: International
c o - o p e r a t i o n ,
inclusive growth
and digitalisation,
through reshaping the foundations
of multilateralism and harness the
potential of international co-operation
to promote human progress and
protect our planet.
The May edition of the Multilateral
Newsletter highlights the key
deliberations from the Forum and
provides the key recommendations
made by the OECD stakeholders.
In addition, the edition covers
major happenings at the World
Bank, Asian Development Bank
(ADB), B20 and International Labour
Organisation (ILO).
iNSIDE
May 2018, Volume 5, Issue 5
Focus Story
OECD Forum sees stronger world
economy through OECD Week...............2
AIIB
4th
Regional Conference on ‘Futuristic,
Resilient and Digital Infrastructure’
concludes in Bengaluru......................... 4
WORLD BANK
Government of India and
World Bank Sign Agreement for
Additional Financing to India’s
National Nutrition Mission
(POSHAN Abhiyaan).............................. 5
Rajasthan to Strengthen its
Fiscal Performance under new
World Bank Project...................................5
Additional Financing Project for
All-Weather Rural Roads Using
Green Technologies................................ 5
ILO
Sustainable practices can create
3 million jobs in India........................... 6
ADB
ADB to Pursue Prosperous,
Inclusive, Resilient, and Sustainable
Region — ADB President Pledges
at Annual Meeting.................................. 7
India's 7% projected growth rate
for FY18 is 'amazingly fast',
says ADB.................................................. 7
ADB to Improve Irrigation,
Farmer Incomes in India's
Madhya Pradesh........................................7
B20
RSPP holds 5th B20 Regional
Consultation Forum in the framework
of the SPIEF............................................. 8

2. 2
T
he 2018 Organisation for
Economic Co-operation and
Development (OECD) Forum
and OECD Ministerial Council Meeting
took place at the Organisation’s Paris
headquarters on 29-31 May. The events
form part of OECD Week 2018 and
brought together government ministers,
international experts and key figures
from the worlds of academia, business
and civil society.
Following a 2017 Forum and Ministerial
which explored the fragmenting of our
societies, participants at the 2018 Forum
reflected on "What Brings Us Together",
and how we can find common purpose
and solutions to bridge social divides.
Shaping policy in a 'post-truth' world
and identifying opportunities for deeper
civic engagement was the heart of
the discussions which focused on
addressing three interconnected issues:
international co-operation, inclusive
growth and digitalisation.
Discussions also yielded that greater
investment is needed in strategic areas
to level the playing field across people,
firms and regions and bridge the many
divides that undermine prosperity,
social cohesion and well-being for all.
Targeted quality investment, which aims
at exploiting potentials, is needed in the
groups and regions that are lagging to
ensure that they fulfil their full potential
and sustainably contribute to growth and
well-being. Such investment is indeed
instrumental to deploy the nexus of
“productivity-inclusiveness”.
Recognizing that the monetary and fiscal
policies have their limits, the forum
recommended that governments and
their administration implement structural
policies that will ultimately lead to an
F o c u s S t o r y
OECD Forum sees stronger world economy
through OECD Week
era of greater growth built on private
investment, competition and more
productivity. While the specific policies
vary by country, priority areas include
sound and well-coordinated regulatory
processes, effective competition policy,
long term investment in infrastructure,
skills development, more flexible product
and labor markets, investment friendly
tax regimes and support for R&D, among
others.
Recognizing the slowdown in the pace
of implementation in recent years,
BIAC encourages OECD to conjointly
work with countries and business
communities to build the case for
structural reform to achieve growth
and ensure that inclusivity is intrinsic
in this process. In addition, it is as
important for governments to work with
the OECD to build a comprehensive
and internationally comparable database
on productivity-enhancing impacts of
reforms.
Challenges for India and
others:
International Cooperation
The Forum discussed solutions to the
most pressing challenges that people
face. Importantly, how international co-
operation needs to be “rebooted”, to work
differently in the era of digitalisation, to
deliver in a more inclusive manner, to
ensure that the benefits are shared more
widely. Exploring how international
co-operation could be made more
effective through greater inclusion of
new actors across society, whether
firms or civil society allow us to better
address inherently global challenges
such as anti-corruption, development,
digitalisation, climate change, migration,
taxation, trade, and the need to rebuild
trust in each other and in democratic
institutions.
However, access to data is constricted by
legitimate considerations linked among
others to competition and privacy, while
more questions are being raised about
using personal data for commercial and
political purposes. So far, people have
been willingly offering their data for free
in exchange for access to technology
services, but this is now increasingly
questioned.
Inclusive Growth
An emphasis on inclusive growth,
moving from diagnosis to actionable
solutions is required, as many people
still face a future where affordable,
good quality housing, good health
and secure employment just seem
unimaginable, with 1 in 5 children
living below the poverty line in some
OECD countries. Despite having higher
rates of educational attainment than the
generations before them, people under
25 are 60% more likely to be unemployed
than the 25-54 age group. The under 25s
are 20% less likely to vote than those
aged over 55.
The need for the urban-rural divide was
addressed. Notably the fact that though
increasingly cities and urban areas are
offering more economic opportunities
and jobs, an equally high percentage of
the population is confronted by poverty
and lack of opportunities in cities and
in more rural communities.
Digitalisation
Impacts of digitalisation is driven by
the enormous potential but also the
challenges posed by artificial intelligence,

3. 3
F o c u s S t o r y
big data, and the Internet of Things,
which are rapidly changing all facets of
our societies and economies. Too often
reskilling is seen as the solution. But
reskilling is expensive, even painful for
older workers and may not always be
effective. The increased digitalisation
of teaching, while emphasising the
importance of a more human approach
to education and accompanying students
in building the resilience and leadership
skills will need to manage disruptive
change.
Digitalisation allows for more flexible ways
of working, improving the employability
of disabled individuals and the use of
big data for human resources, tackling
unconscious bias in recruitment. The
digital transformation could potentially
be a game-changer when it comes to
gender equality, offering new ways
for women to participate in the labour
market, improving conditions for female
entrepreneurship, access to financial
markets and the reconcilability of job
and family. But a lot more needs to be
done to ensure that women can actually
benefit from these possibilities.
Key recommendations:
Policymakers across the OECD,
emerging and developing countries are
all pressed to improve the resilience
and inclusiveness of their economies
in the face of an uneven and uncertain
global economy.
India is an active Key Partner of
the OECD, and the India-OECD co-
operation covers a wide array of policy
areas including investment, economic
growth, competition, taxation, education
and skills, anti-corruption, corporate
governance, environmental sustainability,
innovation and the digital economy.
Dialogue and co-operation with the
business community is an important
part of this relationship. In order to do
so, there is a compelling need for bold
and consistent reforms conducive to
private sector-led growth. To this end,
business recommends:
Addressing trade and investment•
protectionism, and strengthening the
multilateral trading system;
Strengthening the resilience of•
economies through education, skills,
and gender equality;
Ensuring the conservation and•
sustainable use of ecosystems such
as oceans
Co-creating solutions to address•
global challenges and enabling
technologies
Fostering the entrepreneurial•
ecosystem, providing support for
SMEs and start-ups.

4. 4
A I I B
T
he Ministry of Finance,
Government of India in
c o l l a b o ra t i o n w i t h t h e
Confederation of Indian Industry
(CII) and Research and Information
System for Developing Countries (RIS)
organized the 4th Regional Conference
on ‘Futuristic, Resilient and Digital
Infrastructure’. The 2-day Conference
was a lead-up event to the 3rd Annual
Meeting of the Asian Infrastructure
Investment Bank (AIIB) which is going
to be hosted by the Government of
India on 25th and 26th June 2018
in Mumbai. The Conference saw
eminent delegates representing partner
institutions, academia, civil society
organizations and experts from various
fields expressing their views on how
to bring about institutional approaches
for futuristic and digital infrastructure
in India.
The two-day Conference mainly gave
thrust on three broad areas including
the Challenges as well as Opportunities
in the context of need for Futuristic,
Resilient and Digital Infrastructure,
Resource Mobilisation and Emerging
Challenges among others.
The idea behind this Conference was
to work simultaneously on these 3
focus areas for holistic understanding
of a sustainable future in so far as
infrastructure development is concerned.
Integration (in urban planning and
multi-modal transportation), inclusion,
resilience was covered in the first 3
Plenary Sessions. Keeping in mind
the enormous opportunities that
digital technologies and the Fourth
Industrial Revolution have in terms of
promoting infrastructure development
with focus on integration and resilience
in infrastructure design and operations,
as well as in influencing the very
behavioral patterns of citizens and their
response. It was pointed-out that Digital
Infrastructure is the ‘infrastructure for
infrastructure’.
Click here for more information
4th
Regional Conference on ‘Futuristic, Resilient
and Digital Infrastructure’ concludes in Bengaluru
Left to Right: Professor K T Ravindran, Dean Emeritus, RICS School of Built Environment; Dr Rajat Kathuria, Director and Chief Executive, Indian Council for
Research on International Economic Relations (ICRIER); Dr Partha Mukhopadhyay, Senior Fellow, Centre for Policy Research (CPR); Professor K J Joseph, Ministry
of Commerce Chair Professor, Centre for Development Studies, Trivandrum and President, GLOBELICS ; Mr Akilur Rahman, Chief Technology Officer, ABB Limited
and Professor Girish Agarwal, Shiv Nadar University

5. 5
W o r ld B ank
Government of India and World Bank Sign
Agreement for Additional Financing to India’s
National Nutrition Mission (POSHAN Abhiyaan)
Additional Financing Project for All-Weather
Rural Roads Using Green Technologies
Rajasthan to Strengthen its Fiscal Performance
under new World Bank Project
T
he Government of India and the
World Bank signed an additional
financing of US $200 million
to fund the National Nutrition Mission
(POSHAN Abhiyaan) and support the
Government of India achieve its goal
of reducing stunting in children 0-6
years of age from 38.4% to 25% by the
year 2022.
T
he Government of India and
the World Bank signed a $500
million loan agreement to
provide additional financing for the
Pradhan Mantri Gram Sadak Yojana
(PMGSY) Rural Roads Project which
will build 7,000 km of climate resilient
roads, out of which 3,500 km will be
T
he Government of India, the
Government of Rajasthan
and the World Bank signed
a $21.7 million loan agreement for
the Strengthening Public Financial
Management in Rajasthan Project.
With higher devolution of central
funds to the states, the Project will
help the state government put in place
systems for better planning and budget
management, enhance transparency,
accountability, and efficiency in public
spending, and strengthen the capacity
of the revenue systems across key
departments of Finance, Excise and
Commercial Taxes Planning, and the
On December 1, 2017, the Government
of India announced the new National
Nutrition Mission. A large component
of this Mission involves gradual scaling-
up of the interventions supported
by the ongoing World Bank assisted
Integrated Child Development Services
(ICDS) Systems Strengthening and
constructed using green technologies.
The World Bank has supported PMGSY
since its inception in 2004. So far it
has invested over $1.8 billion in loans
and credits mostly in the economically
weaker and hill states across North India
– Bihar, Himachal Pradesh, Jharkhand,
Department of Information Technology,
among others.
The agreement for the Project was
signed by Sameer Kumar Khare, Joint
Secretary, Department of Economic
Affairs, Ministry of Finance, on behalf of
the Government of India; Manju Rajpal,
Secretary Finance (Budget), on behalf
of the Government of Rajasthan; and
Hisham Abdo, Acting Country Director,
World Bank India, on behalf of the
World Bank.
Rajasthan recognizes the need to
strengthen both its expenditure and
revenue sides, to address the rising
Nutrition Improvement Project (ISSNIP)
to all districts in the country over a
3-year period. The additional financing
approved will support the first phase
scale up to 315 districts across all states
and union territories (UTs).
Click here for more information
Meghalaya, Rajasthan, Uttarakhand, and
Uttar Pradesh. It has built and improved
about 35,000 km of rural roads and
benefited about eight million people with
access to all-weather roads.
Click here for more information
requirements for higher development
and social expenditure. The Project
will help the departments put in
place an architecture to strengthen
Public Financial Management (PFM)
rules, regulations & practices through
modernized procurement arrangements;
robust audit functions; better commitment
management processes; leverage IT
infrastructure to enhance use of latest
technologies such as big data; and a
more efficient tax assessment and audit
procedure.
Click here for more information

6. 6
I L O
I
ndia could witness the creation
of more than 3 million jobs if it
adopts sustainable practices for a
green economy, the International Labour
Organization (ILO) said in the World
Employment and Social Outlook (WESO)-
2018.
All sectors, except the mining industry, will
experience an increase in employment, if
environmentally sustainable means are
adopted, according to the report.
Over 1.5 million jobs are expected to be
Sustainable practices can create 3 million jobs in
India
created in the renewable sector, 4.6 lakh
jobs in construction and 2.8 lakh in the
services across the country.
However, the transition to a green economy
would also involve a loss of 2.59 lakh jobs,
stated the report, which pressed upon the
need for policies to facilitate re-allocation
of workers and support the displaced
workers.
“The transition to a green economy in
India will inevitably cause job losses in
certain sectors as carbon and resource-
intensive industries are scaled down, but
these will be more than offset by new job
opportunities,” it stated.
Highlighting that environmental
sustainability was critical from the
perspective of jobs, it emphasised that at
present 52% of the employed population
in the country, including farming and
fishing and forestry, relies directly on the
sustainability of a healthy environment.
Click here for more information

7. 7
A D B
I
ndia's projected GDP growth of
over 7 per cent for the current
fiscal is "amazingly fast" and if this
momentum is maintained the size of the
economy can double within a decade,
ADB Chief Economist Yasuyuki Sawada
has said.
The country shouldn't worry about not
T
he Asian Development Bank’s
(ADB) Board of Directors has
approved a $375 million loan for
a project that will contribute to doubling
farming incomes in the Indian state of
Madhya Pradesh by expanding irrigation
networks and system efficiency.
“Water plays a critical role in India’s
food production and the welfare of the
poor in rural areas,” said ADB Principal
India's 7% projected growth rate for FY18 is
'amazingly fast', says ADB
ADB to Improve Irrigation, Farmer Incomes in
India's Madhya Pradesh
achieving 8 per cent growth but focus on
increasing domestic demand by reducing
the income inequality, he said.
Growth is driven more by domestic
consumption than exports, he added.
The Asian Development Bank (ADB)
has projected India to remain the fastest
growing Asian nation with 7.3 per cent
Water Resources Specialist for South
Asia Mr. Arnaud Cauchois. “With
agriculture under continuous pressure to
meet society’s needs, given population
growth and changing dietary habits,
ADB’s project will support technical
and institutional innovations to produce
considerable gains in irrigation water
use efficiency.”
About 84% of all water withdrawals
growth in 2018-19, and 7.6 per cent in
2019-20. The Indian economy is forecast
to grow at 6.6 per cent in the 2017-18
fiscal ended March 31, slower than 7.1
per cent in 2016-17.
Click here for more information
are used for agriculture in India, where
42% of all agricultural land is irrigated.
However, current average efficiency of
irrigation water use is only 38%, pointing
to the need for a serious improvement
in performance. Productivity of irrigated
water is further hampered by low crop
yields and cultivation of low-value
crops.
Click here for more information
S
trategy 2030, the new long-term
strategy of the Asian Development
Bank (ADB) to be released this year,
will renew ADB’s strong commitment to
eradicate extreme poverty in Asia and the
Pacific and expand the bank’s vision to
achieve a prosperous, inclusive, resilient,
and sustainable region, ADB President
Mr. Takehiko Nakao said in his opening
address at the 51st Annual Meeting of
ADB’s Board of Governors.
With the theme of "Linking People
and Economies for Inclusive Growth,"
this year’s Annual Meeting was
attended by over 4,000 delegates from
member governments, academics,
business leaders, and civil society
representatives.
In his remarks, Mr. Nakao said Strategy
2030 will address existing and emerging
challenges. “There is still persistent
poverty,” said Mr. Nakao. “We must
address rising inequality, growing
environmental pressures, and rapid
urbanization. Aging in some countries
and an increasing youth population in
others present opportunities as well
as challenges.” Strategy 2030 will be
aligned with the international agenda,
including the Sustainable Development
Goals and the Paris Agreement on
climate change.
Click here for more information
ADB to Pursue Prosperous, Inclusive, Resilient,
and Sustainable Region — ADB President Pledges
at Annual Meeting

8. 8
B 2 0
T
heRussianUnionofIndustrialists
and Entrepreneurs (RSPP)
held the fifth B20 Regional
Consultation Forum in the framework
of the St. Petersburg International
Economic Forum (SPIEF).
The B20 Forum was organized in
partnership with the Argentinian
2018 B20 presidency. This year the
B20 is chaired by the Group of Six,
representing the leading Argentinian
business associations, namely ADEBA,
BCBA, CACS, CAMARCO, SRA and
UIA, and the International Organization
of Employers (IOE).
The discussion of the B20 Forum
focused on digitalization as a driver of
RSPP holds 5th
B20 Regional Consultation Forum
in the framework of the SPIEF
growth and inclusive development and
future of labor markets, the priorities
of the G20-B20 dialogue under the
Argentinian presidency.
The participants discussed the B20
recommendations for the G20 Leaders
in the digital sphere and Industry 4.0
and future of labor markets.
The Forum opened with the statement
of Deputy Prime Minister of the
Russian Federation Maxim Akimov.
Representative of the President of
the Russian Federation in the G20,
Deputy Head of the Presidential
Experts’ Directorate Svetlana Lukash
also addressed the participants with a
welcome statement.
H.E. Mr Ricardo Lagorio, Ambassador
of República Argentina to the Russian
Federation presented the Argentina
G20 presidency priorities in 2018, in
particular in the digital sphere, education
and employment.
The discussion of the session`s topics
started with a speech of B20 Chair, Daniel
Funes de Rioja, who shared with the
participants the B20 recommendations
for the G20 Leaders and presented his
vision on how technological changes
can boost economic growth
Click here for more information