Planning Commission Deputy Chairman, Montek Singh Ahluwalia has said that leaders of G20 countries participating in the Las Cabos Summit, will primarily discuss an action plan to get the global economy back to some type of reasonable growth.
Mr Ahulawalia who is the chief interlocutor of the Prime Minister at the Summit, told newsmen in Los Cabos that the current economic crisis is more challenging to handle than the 2008 crisis.
Stating that the general assessment among member nations is that global economy is weak, Mr Ahulawalia hoped that the Summit will spell out its stand on what it thinks, needs to be done to address the problem.
Replying to a question, Mr Ahulwalia said that India has enough resilience to withstand the impact of the economic crisis in Euro Zone, though the developments have affected the country’s growth.
He said the country can manage itself and would not be needing any financial aid from outside. He said it was important for the G20 to provide global financial stability.
On the falling growth in India, Mr Ahluwalia said, a significant part of the slowdown can be attributed to the global downturn. He said, coupled with this, there were some domestic problems that need to be addressed.
Meanwhile, Dr Manomohan Singh would have a series of bilateral meetings on the side-lines of the G-20 Summit including his British and Canadian counterparts.
Briefing newsmen Foreign Secretary Mr Ranjan Mathai said the prime minister during his meeting with the newly elected French president Francois Hollande will seek to confirm the substantive relationship built between the two countries in the recent years
Showing posts with label G20. Show all posts
Showing posts with label G20. Show all posts
The Seventh G-20 summit concludes today with leaders of the top industrialised nations and emerging economies all set to agree on a coordinated Los Cabos Growth and Jobs Action Plan to prioritize boosting growth and job creation, hit hard by slowing global economy.
In its strongest signal in three years that it would act to strengthen the recovery, the G20 said in their draft communique that countries without heavy debts problems were ready to act together to spur growth, if the economy slows a lot more.
The draft communique urged Europe to take all necessary measures to safeguard the integrity and stability of the euro zone area.Among the commitments in a draft communique was a pledge to consider concrete steps towards a more integrated financial architecture in Europe that would include common banking supervision and firm guarantees to repay bank depositors.
At various sessions of the summit in Los Cabos, leaders from the G20 countries representing more than 80 percent of world output committing to additional money to the IMF to help countries struggling with debt.
India was the first country in the grouping to commit an additional 10 billion dollars to the IMF to promote adequate funds among creditors and prevent further economic crisis. At the summit , the BRICS grouping has pledged additional 73 billions to IMFto boost its reserves
Earlier addressing the plenary session of the summit, Prime Minister Dr Manmohan Singh the Prime Minister said the G 20 Summit needs to send a strong signal to the markets that the Eurozone countries will make every effort to protect the banking systems andglobal community will back a credible Eurozone effort and response.
Pointing out that less developed and developing countries were facing serious problems because ofthe global crisis, the Prime Minister said investment in infrastructure in developing countries will lay the foundation for rapid growth in the longer term besides providing an immediate stimulus for their economies.
On the slowdown in emerging economies including India, the Prime Minister said the government is taking steps to revive investor sentiment and determined to create an environment that would boost investor sentiment and promote an atmosphere conducive to enterprise and creativity
On the rising fiscal deficit in India, the Prime Minister said the fiscal deficit was allowed to expand after 2008 to impart a stimulus and the now the government is focusing on reversing the expansion. He said the government is determined to take some tough decisions including controlling subsidies to contain fiscal deficit.
In its strongest signal in three years that it would act to strengthen the recovery, the G20 said in their draft communique that countries without heavy debts problems were ready to act together to spur growth, if the economy slows a lot more.
The draft communique urged Europe to take all necessary measures to safeguard the integrity and stability of the euro zone area.Among the commitments in a draft communique was a pledge to consider concrete steps towards a more integrated financial architecture in Europe that would include common banking supervision and firm guarantees to repay bank depositors.
At various sessions of the summit in Los Cabos, leaders from the G20 countries representing more than 80 percent of world output committing to additional money to the IMF to help countries struggling with debt.
India was the first country in the grouping to commit an additional 10 billion dollars to the IMF to promote adequate funds among creditors and prevent further economic crisis. At the summit , the BRICS grouping has pledged additional 73 billions to IMFto boost its reserves
Earlier addressing the plenary session of the summit, Prime Minister Dr Manmohan Singh the Prime Minister said the G 20 Summit needs to send a strong signal to the markets that the Eurozone countries will make every effort to protect the banking systems andglobal community will back a credible Eurozone effort and response.
Pointing out that less developed and developing countries were facing serious problems because ofthe global crisis, the Prime Minister said investment in infrastructure in developing countries will lay the foundation for rapid growth in the longer term besides providing an immediate stimulus for their economies.
On the slowdown in emerging economies including India, the Prime Minister said the government is taking steps to revive investor sentiment and determined to create an environment that would boost investor sentiment and promote an atmosphere conducive to enterprise and creativity
On the rising fiscal deficit in India, the Prime Minister said the fiscal deficit was allowed to expand after 2008 to impart a stimulus and the now the government is focusing on reversing the expansion. He said the government is determined to take some tough decisions including controlling subsidies to contain fiscal deficit.
Labels: fiscal policy, G20
rime Minister Dr Manmohan Singh has said that all leading economies need to come together and find a comprehensive solution to revive the economy. The Prime Minister was hosting an informal meeting of leaders of BRICS countries in Los Cabos last night. Our Correspondent covering the Summit, reports that leaders of the BRICS including India, China, Russia, Brazil and South Africa have committed to contribute 73 billion US dollars to IMF to meet the exigencies arising out of Euro crisis. On the sidelines of the Summit, Dr Manmohan Singh had talks with Mexican President Felipe Calderon and German Chancellor Angela Merkel.
India has announced an additional 10 billion dollars contribution to IMF finances to help tackle the debt crisis in Eurozone and protect the faltering world economy. Prime Minister Dr Manmohan Singh made this announcement in his address at the plenary session of the G 20 Summit in Los Cabos this afternoon. Dr Singh said, the IMF has a critical supportive role to play in stabilizing the Eurozone and all member nations must help the agency to play the role of a stabilizer. Describing the global economic situation as deeply worrying, Dr Singh said, the sovereign debt and banking crisis in Eurozone has grave implications for the health of the entire global economy.
Voicing serious concern on the faltering economic recovery and slowdown in growing emerging economies, Prime Minister said, the G 20 Summit needs to send a strong signal to the markets that the Eurozone countries will make every effort to protect the banking systems and global community will back a credible Eurozone effort and response.
Noting that developed countries have expanded the resources of the IMF enormously, largely to support programmes in rich countries, Dr Manmohan Singh said that steps are now needed to be taken to substantially expand the resource base of Multilateral Development banks so that they have the finances to help developing countries pursue their development goals.
On the contentious issue of the relationship between austerity and growth, Dr Singh pointed out that financial markets are beginning to realize that austerity with no growth will not produce a return to a sustainable debt position. Dwelling at length on the slowdown in the Indian Economy, the Prime Minister asserted that the fundamentals of the Indian Economy remain strong and said the government is confident of bringing back the rhythm of high growth of 8 to 9 per cent per annum.
Dr Manmohan Singh said, steps are being taken to revive investor sentiment and the government is determined to create an environment that would boost investor sentiment and promote an atmosphere conducive to enterprise and creativity Addressing some critical issues relating to the Indian economy, the Prime Minister categorically stated that some tough decisions on controlling subsidies will be taken to contain fiscal deficit.
Voicing serious concern on the faltering economic recovery and slowdown in growing emerging economies, Prime Minister said, the G 20 Summit needs to send a strong signal to the markets that the Eurozone countries will make every effort to protect the banking systems and global community will back a credible Eurozone effort and response.
Noting that developed countries have expanded the resources of the IMF enormously, largely to support programmes in rich countries, Dr Manmohan Singh said that steps are now needed to be taken to substantially expand the resource base of Multilateral Development banks so that they have the finances to help developing countries pursue their development goals.
On the contentious issue of the relationship between austerity and growth, Dr Singh pointed out that financial markets are beginning to realize that austerity with no growth will not produce a return to a sustainable debt position. Dwelling at length on the slowdown in the Indian Economy, the Prime Minister asserted that the fundamentals of the Indian Economy remain strong and said the government is confident of bringing back the rhythm of high growth of 8 to 9 per cent per annum.
Dr Manmohan Singh said, steps are being taken to revive investor sentiment and the government is determined to create an environment that would boost investor sentiment and promote an atmosphere conducive to enterprise and creativity Addressing some critical issues relating to the Indian economy, the Prime Minister categorically stated that some tough decisions on controlling subsidies will be taken to contain fiscal deficit.
Labels: G20
The G 20 Summit begins at the Pacific desert resort of Los Cabos, Mexico later this evening. The conclave is expected to call on member countries to increase contributions to the International Monetary Fund.
Leaders attending the summit heaved a sigh of relief as news trickled that Greek had voted for parties that supports the European Union and the IMF led bailout terms. The summit has been overshadowed by the debt crisis in the Eurozone and the meltdown in the global economy.
Cautioning leaders of the top industrialized nations and emerging economies,Prime Minister Dr Manmohan Singh said the world is in deep trouble and expressed the hope that the summit will come up with constructive proposals to get the world out of the crisis.
Dr Singh will begin his engagements in Los Cabos hosting a meet of BRICS leaders. The leaders of the five nations including Dr Manmohan singh , Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Chinese Premier Wen Jiabao and South African President Jacob Zuma. will discuss the strategy to be adopted by the grouping in the summit.
AIR correspondent covering the summit reportrs that China’s vice finance minister Zhu Guangyao predicted the group would pledge at least $60 billion and thus boost the firewall up to the International Monetary
Prime Minister Dr Singh will have a series of bilateral meetings on the sidelines of the summit. He will be holding talks with Mexican President Felipe Caledron and German Chancellor Angela Merkel later today.
Labels: G20, PM manmohan Singh
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