Friday, April 3, 2009

G-20 London Summit

India's Prime Minister Dr Manmohan Singh outlined his hopes for G20 London Summit in a statement before he travelled to the UK.

In it, Dr Singh said the G-20 has an important role to play in addressing the global economic and financial slowdown by taking coordinated and purposeful action.

The report said as follows:
"It is important that the Summit took credible decisions to reverse the current slowdown and to instil a sense of confidence in the global economy"

The statement set out a number of issues that Dr Singh views as requiring particular focus. The need to:

  1. Ensure the adequate flow of finances to the developing countries to overcome the reversal of international capital flows and not retard progress towards the "Millennium Development Goals"
  2. Avoid protectionism in the trade of both goods and services
  3. Facilitate trade finance
  4. Reform and restructure international financial market

Dr Singh emphasized that the time has come for the international economic and financial architecture to reflect contemporary economic strengths.

Although the meet do provide some of the most required stimulus to Global Economy with a power-packed 1.1t$ stimulus, the summit was the least to bother for India.

Seeing India as the 4th most strong country of G20, expectations were more on accomplishing goals concerning all Developing Countries including BRIC(Brazil, Russia, India, China). But the Summit was more like a G8(G7 + Russia) + China affair with India as a spectator to some extent.

The only good thing which happened was the statement by our PM:

"We need no more foreign help to strengthen our nation by asking IMF to interfere but would like to help IMF by providing an AID if required "

Though the outcome of the meet was not in India's favour many of those "so-called respectable people" wrote it to be a path breaking success for India.

It is clearly visible in the link that its US who is leaning not India.

1 comment:

Shaurya Srivastava said...

Nice Post!!! Dr. Manmohan Singh really said it well. I hope that we will be part of G7 soon.