JAI (Japan – America – India)

 

G 20 Summit, About G20, JAI, NIIF

 

What is the news?

• Prime Minister Narendra Modi interacted with U.S. President Donald Trump, Russian President Vladimir Putin and British Prime Minister Theresa May ahead of the G­20 summit.
• The brief exchange of views took place before the first trilateral meeting between Mr. Modi, Mr. Trump and Japanese Prime Minister Shinzo Abe scheduled for later in the day.
• Earlier, Mr. Modi held separate bilateral meetings with Chinese President Xi Jinping, Saudi Crown Prince Mohammed bin Salman and UN Secretary General Antonio Guterres.
• Mr. Modi and Mr. Xi discussed joint efforts to further enhance mutual trust and friendship. Asserting that the Wuhan meet was a milestone in India­China ties, Mr. Modi told Mr. Xi that he was looking forward to host him for an informal summit next year.
• Crown Prince Salman said Saudi Arabia will be finalising an initial investment in the National Infrastructure Fund.

JAI (Japan – America – India)

• Terming the India-US-Japan partnership as “JAI” or victory, Prime Minister Narendra Modi said the partnership between the three nations would go a long way in ensuring world peace and prosperity.
• “If I put it differently, Japan, America and India is JAI. In Hindi, ‘JAI’ means success,” PM Modi said after the first-ever trilateral meet with US President Donald Trump and Japanese Prime Minister Shinzo Abe on the sidelines of G20 summit.

 

About G20 summit 2018

• The 2018 G20 Summit is being held in the city of Buenos Aires, Argentina.
• It will be the 13th meeting of Group of Twenty (G20).
• It is the first G20 summit to be hosted in South America.

What is G20?

• The G20 (or Group of Twenty) is an international forum for the governments and central bank governors founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability.
• The G20 has expanded its agenda since 2008 and heads of government or heads of state, as well as finance ministers and foreign ministers, have periodically conferred at summits ever since.
• It seeks to address issues that go beyond the responsibilities of any one organization.
• The G20 has no permanent staffof its own and its chairmanship rotates annually between nations divided into regional groupings.

Members of G 20

• Membership of the G20 consists of 19 individual countries plus the European Union(EU).
• Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
• Spain is a permanent guest invitee to the G20.

What is National Infrastructure Fund?

• National Investment and Infrastructure Fund (NIIF) is a fund created by the Government of India for enhancing infrastructure financing in the country.
• This is different from the National Investment Fund.
• NIIF is envisaged as a fund of funds with the ability to make direct investments as required.
• As a fund of fund it may invest in other SEBI registered funds.
• NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015. 
• Its first investment was made in January 2018.

Objective of NIIF

• The objective of NIIF would be to maximise economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects.
• It could also consider other nationally important projects, if commercially viable.

Most Innovative structure in Asia Pacific under Finance category

• Financial Times (London) had adjudged NIIF as the Most Innovative structure in Asia Pacific under Finance category.