All you need to know about decisions in G20 summit

The top leaders of the world descended on Brisbane this weekend for a two day brainstorming to take several crucial decisions. G20 countries account for 85% of the world's economy. Hence any decision taken by them is bound to have overarching effect across the globe. Some of the highlights of the G-20 Leaders' Communique:

Ambitious goal for economic revival: 

G20 leaders by their own agreed language have fixed an ambitious target of increasing at least an additional 2% of GDP of member countries by the year 2018. This is projected to add  more than US $2 trillion dollar and create million of jobs. A report in 'The Guardian' says G20 has called for 800 new policy reforms to augment growth of the fledging  economy of the countries. But already analysts have raised a red flag about the feasibility of these targets. 

IMF to monitor each country

According to media reports, IMF Director Christine Lagard has said that they will monitor how reform activities are being undertaken by various countries and reports will be filed according to the assessment. Then pressure will be put on countries lagging behind to facilitate the reform process to reach the overall goals. 

Creation of global infrastructure hub

To meet the ambitious growth projection, the communique proposes creation of a global infrastructure hub with a four year mandate. The hub is slated to create a nodal platform for knowledge sharing between different connected agencies of the G20 countries. 

Strong message for Women Empowerment

G20 leaders have issued a strong message to achieving the ultimate goal of complete gender equality through empowerment of women. The communique says that leaders agreed to the goal of reducing the gap in workforce participation rates between men and women in their respective countries by 25% by next 10 years. The goal is to bring 100  million more women into the workforce by then. 

Transparency and Fairness of the tax systems

This is the the one which is closest to the heart of PM Narendra Modi. The comminique states that steps are being taken to ensure tax systems are fair in all the countries such that they are taxable where the economic activities have been derived.  The communique hails progress on the Base Erosion and Profit Sharing Action Plan. The work is slated to be done by next year.  The focal point is to ensure transparency in the process to weed out illegal practices. 

Hails breakthrough between India and USA to break WTO impasse

The communique hails the breakthrough between the two countries which came about last week. It says that G20 nations are committed to implement all elements of the Bali package. 

Stand on climate change which was not part of original draft

The stand on climate change took the most intense backroom parleys according to media reports. Host Australia was not in support of taking a very decisive stand on climate change. PM Tony Abbott defended for use of coal fuel. But the comminique calls on to phase out inefficient fuel subsidies. The change was enforced due to a resolute stance taken by Japan and the USA. 

For the proposed Green Climate Fund” – US has already pledged $3 billion and Japan $1.5 billion. The communique says that "we will work together" for a "protocol, another legal instrument or agreed outcome with legal force" applicable to all parties at the climate summit in Paris late next year. But more importantly G20 urged all parties to announce their intended contributions to carbon reductions by early 2015- a clear indication of how climate change remains one of the top agendas of global leaders. 

Turkey now takes over the presidentship of G20. It will be interesting to see how much actually changes or begin to change in the ground in one year time and if G20 actually collectively manage to crack the whip on black money offenders.