Prime Minister Manmohan Singh on Saturday voiced concern that continuing problems in the eurozone will further dampen global markets and adversely impact India’s own economic growth.
Dr. Singh also said that the need to revive global growth should be an issue of immediate concern which must be addressed by world leaders.
He made these remarks prior to his departure for Mexico and Brazil on an eight-day tour to attend the seventh summit of the Group of 20 developed and developing countries(G-20) in the Mexican resort town of Los Cabos on June 18 and the Rio+20 Summit in Rio De Janeiro.
Observing that G-20 leaders will meet once again in the shadow of the economic crisis in the eurozone and a “faltering” global economy, Dr. Singh said the situation in Europe is of particular concern as it accounts for a significant share of the global economy and is also India’s major trade and investment partner.
“Continuing problems there will further dampen global markets and adversely impact our own economic growth. It is our hope that European leaders will take resolute action to resolve the financial problems facing them,” he said.
Dr. Singh emphasised the need to revive global growth.
“It is imperative that the G-20 countries work in coordination to implement policies that promote sustained growth. India has been pursuing this objective in its capacity as the co-chair of the Working Group on the ‘Framework for Strong, Sustainable and Balanced Growth’
“I will stress the need to ensure primacy of the development dimension in G-20 deliberations and the need to focus on investment in infrastructure as a means of stimulating global growth,” he said.
Keywords: G-20 summit 2012, Rio+20 Summit 2012, India economy, global financial crisis, euro zone crisis
The whole world needs to be given a "Hard Reboot" from this crisis.The
main reason for global crisis is that most developed countries have
reached saturation and have all the basic necessities and reached
saturation in their buying power, another reason is that these
countries also have more old people who cannot work anymore and needed
to be taken care of.So every rich are looting from poor/middle class
masses.Though it might seem very draconian and cruel, what is needed
is another global war which will clean up all old and sick, destroy
old and crumbling cities and over populated cities mainly in Asia and
bring the population down. Also,it would unite the masses and bring
about national spirit in all people and tear down the casteism in
India and would stop the looting of public wealth , rampant corruption
which is plaguing countries like India & China & other Western
countries as well, & bring forth a new breed of leaders and a new
world would emerge from the ashes.
Key obstacle to the global development is the speculative commodity prices which is being silently supported by the World leading economy to their own detriment. Ist step will be raining in on these speculations and bring down the key commodity prices to real market level based on costs + profits Model.Key commodity prices went up 400% during last decade just on narrratives. So it will be wise for G-20 to look at the commodity cost closely and see why these are so high. Labour and production costs of these commodity did not go up at a rate of 400% in last decade. Some people are making money at the cost of entire world. What good the infrastructure building will good if one cannot afford these because of high raw material costs. How much the governments are going to squezze people which incomes arenot going up at 400% in a decade. Inflation is high. every government needs to bring down inflation !st.
did he ever tell us that Indian economy is blooming at rising heights.
he would always lament like this. what is the point in lamenting when
all he does is touring.
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