Dips will be bought by FIIs who have emerged as sustained buyers. The continuous decline in US bond yields (the 10-year yield is now below 4.20 per cent) will ensure FII buying, he said.
The city of Ahmedabad is all set to host the Urban20 (U20) Mayoral Summit on 7-8 July. The summit is expected to bring together several city leaders and mayors from across G20 nations. The summit will also be attended by delegates representing various cities, knowledge partners, Indian and international organisations, academic institutes and dignitaries from the Government of India and the Gujarat Government.
U20 is an Engagement Group under India’s G20 presidency. It is a city diplomacy initiative, comprising cities from G20 countries, emphasising the role of cities in taking forward the global agenda for sustainable development through collaboration among cities. Ahmedabad is the U20 Chair for the current sixth cycle and is supported by the National Institute of Urban Affairs (NIUA) as the Technical Secretariat, and the Ministry of Housing and Urban Affairs (MoHUA) as the nodal ministry.
The U20 City Sherpa meeting held in February 2023 was a successful event that saw the highest in-person attendance of U20 cities till date. Six priority areas were deliberated and finalized to be included in the U20 Communiqué. These six priorities reflect the pressing urban issues and challenges that cities are facing worldwide. These include encouraging environmentally responsible behaviors, accelerating climate finance, ensuring water security, catalyzing digital urban futures, reinventing frameworks for urban governance and planning, and championing local culture and economy.
Besides the deliberations among mayors, one of the highlights of the upcoming summit will be four thematic sessions focusing on U20 priorities. More than 20 mayors from across the world and about 25 from Indian cities will share the stage and share their experiences of their respective city level actions and initiatives. Six white papers focusing on the six U20 priorities will also be released in these sessions by the dignitaries. Another exclusive session for mayors will be a round table on climate finance led by U20 Conveners, UCLG and C40 and the cities of Buenos Aires, Sao Paulo and Ahmedabad.
Spotlight sessions are scheduled during the Summit to focus on aspects of urban resilience, city readiness for investments, inclusion, circular economy and data driven governance, showcasing the research and works being undertaken by organizations in various cities across India and the world.
The key outcome of any U20 Mayoral Summit is the handover of the U20 communiqué by the attending mayors to the G20 leaders. The U20 communiqué is an action-oriented collaboratively prepared document that brings to the fore the role that cities can play in taking forward G20 agenda and includes recommendations and endorsements from a number of cities.
The event will also host an exhibition showcasing India’s urban story, especially city level successes, notable projects and innovative initiatives. There will also be a screening of select films to help raise awareness about the multifaceted impacts of climate change on urban areas and vice versa.