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.