G20 Nations Pledge to Add $2tn to World GDP; Modi Woos Business Leaders for Investments in India

In a significant achievement for G20 countries that wrapped off a two-day summit in Australia, the member nations including India agreed to pump in $2 trillion to the world's economic output by 2018, along with a promise of creating millions of jobs.

This 2% growth in the world's GDP is expected to see a massive contribution from India, Suresh Prabhu, Sherpa to Prime Minister Narendra Modi for the summit, reportedly said.

The countries also backed Modi's call for repatriation of black money.

"We are committed to finalising this work (modernisation of international tax rules) in 2015, including transparency of tax- payer specific rulings found to constitute harmful tax practices," the communiqué at the end of the summit said.

Before signing off on the first leg of his Australia visit, Modi on Monday met with top business leaders from Queensland and India in Brisbane, and wooed them citing investment opportunities.

"You will begin to find a difference in India... India has made its policies transparent and have made the procedures clearly defined and smooth," Modi said at the breakfast meet, hosted by Campbell Newman, premier of Queensland, NDTV reported.

"Met Australian & Indian businesspersons over breakfast. Talked about the immense investment opportunities India has to offer," Modi tweeted.

"The Indian government is focused on eliminating unnecessary laws and regulations, making processes easier and shorter, ensuring that our government is more transparent," he said at the meet, which was attended by Indian businessmen such as Anand Mahindra and Gautam Adani.

The latter also had a major takeaway from the meet, as Adani Enterprises Ltd got a big concession from the Queensland State and a $1 billion loan from the State Bank of India to build a $7 billion coal mine, according to reports.