ID :
30143
Fri, 11/14/2008 - 09:39
Auther :
Shortlink :
https://www.oananews.org//node/30143
The shortlink copeid
India to campaign for a representative global financial system
New Delhi, Nov 13 (PTI) Maintaining that the global economic crisis will affect countries in "varying degrees", Indian Prime Minister Manmohan Singh on Thursday said he would campaign for a greater say for developing countries in the global financial system at the G20 Summit this weekend in Washington.
"I will put forward our views on the need for a
greater inclusivity in the international financial system, the
need to ensure that the growth prospects of the developing
countries do not suffer, and the need to avoid protectionist
tendencies," Singh said before his departure for Washington.
India as a major developing economy which is
integrating into the world has a vital stake in the stability
of the international economic and financial system, the Prime
Minister said.
"It has become clear over the last several weeks that
the effects of the crisis are spreading. In varying degrees,
all countries will be impacted. We are facing the prospects of
a global economic slowdown," he said.
Referring to the fallout of the global meltdown on the
country, he said "fundamentals of the Indian economy are
strong. We have taken several measures to ensure adequate
liquidity and credit in the system."
Indian Finance Minister P Chidambaram and Deputy
Chairman of Planning Commission Montek Singh Ahluwalia would
accompany the Prime Minister to the G20 meet.
The meeting of the G20 countries, which include US,
UK, China, Japan, Australia and India, was called by US
President George W Bush to discuss issues concerning the
global financial crisis which has seen many financial entities
across US and Europe going down, and capital markets tumbling.
The Finance Ministers and Central Bank Governors of
the G20 countries have recently met at Sao Paulo in Brazil to
prepare the groundwork for the G20 summit.
The Prime Minister said he was visiting Washington at the
invitation of Bush to attend the summit on financial markets
and the world economy.
The gathering of the world leaders is taking place
against the backdrop of financial crisis, said to be the worst
since the Great Depression of 1929.
Singh said he was looking forward to the summit as an
opportunity to exchange views with other leaders on the
reasons behind the recent developments and to consider what
steps should be taken by the international community to arrest
the negative fallout.
"The summit also has an important role to play in
considering corrective measures to prevent future recurrence
of such events. The issues involved are complex and will
require sustained deliberation over a period of time," he
said.
Referring to the domestic economy, the Prime Minister
expressed the confidence on growth prospects and said the
country had the potential to contribute to the global
economic growth.
"My participation in the summit demonstrates this
changing landscape of the international economy," he added.
PTI MS
"I will put forward our views on the need for a
greater inclusivity in the international financial system, the
need to ensure that the growth prospects of the developing
countries do not suffer, and the need to avoid protectionist
tendencies," Singh said before his departure for Washington.
India as a major developing economy which is
integrating into the world has a vital stake in the stability
of the international economic and financial system, the Prime
Minister said.
"It has become clear over the last several weeks that
the effects of the crisis are spreading. In varying degrees,
all countries will be impacted. We are facing the prospects of
a global economic slowdown," he said.
Referring to the fallout of the global meltdown on the
country, he said "fundamentals of the Indian economy are
strong. We have taken several measures to ensure adequate
liquidity and credit in the system."
Indian Finance Minister P Chidambaram and Deputy
Chairman of Planning Commission Montek Singh Ahluwalia would
accompany the Prime Minister to the G20 meet.
The meeting of the G20 countries, which include US,
UK, China, Japan, Australia and India, was called by US
President George W Bush to discuss issues concerning the
global financial crisis which has seen many financial entities
across US and Europe going down, and capital markets tumbling.
The Finance Ministers and Central Bank Governors of
the G20 countries have recently met at Sao Paulo in Brazil to
prepare the groundwork for the G20 summit.
The Prime Minister said he was visiting Washington at the
invitation of Bush to attend the summit on financial markets
and the world economy.
The gathering of the world leaders is taking place
against the backdrop of financial crisis, said to be the worst
since the Great Depression of 1929.
Singh said he was looking forward to the summit as an
opportunity to exchange views with other leaders on the
reasons behind the recent developments and to consider what
steps should be taken by the international community to arrest
the negative fallout.
"The summit also has an important role to play in
considering corrective measures to prevent future recurrence
of such events. The issues involved are complex and will
require sustained deliberation over a period of time," he
said.
Referring to the domestic economy, the Prime Minister
expressed the confidence on growth prospects and said the
country had the potential to contribute to the global
economic growth.
"My participation in the summit demonstrates this
changing landscape of the international economy," he added.
PTI MS
