Planning Commission Deputy Chairman Montek Singh Ahluwalia, on Wednesday, said that the G-20 countries should find ways for recapitalising multilateral development banks. He made this suggestion at an event organised by the Confederation of Indian Industry (CII). Various industry heads met to gather inputs in the run-up to St. Petersburg G-20 Summit Meeting to be held in September.

The discussion took place around three key G-20 topics — financial sector, international trade and infrastructure and Investment.

Mr. Ahluwalia termed the World Bank’s contribution towards lending for infrastructure development as ‘too miniscule’ and emphasised the need for an increased assistance to developing economies.

Arun Bharat Ram, Chairman, SRF, noted that at the G-20 forum India, along with other large emerging countries, was playing pivotal roles in responding to global economic crisis. He shared with industry members the launch of Business 20 coalition and its priority areas of work.

The B-20 coalition became a mirror of the G-20 by ensuring business representation from all the G-20 countries.

Mr. Ahluwalia warned that “fiscal austerity path is a recipe for disaster”.

More In: Industry | Business