Prime Minister Manmohan Singh on Monday said India was poised to achieve 9-10 per cent economic growth but for this it required a protection-free international climate.
During the meeting with President Barack Obama, Dr. Singh said, there was a need to “rewrite” the architecture of global economic system in which the G-20 could play an important role.
Dr. Singh and Mr. Obama discussed a broad range of issues, including the global economic crisis, follow up of G-20 meetings and food security and energy security.
The Prime Minister said he was convinced that the two countries could begin a new chapter in their relations, Foreign Secretary Nirupama Rao told reporters while briefing on the meeting.
Referring to the global economic crisis, Dr. Singh referred to role of U.S. in strengthening growth impulses in world economy particularly in developing countries in the period after World War II and stressed that that experience should be repeated.
Talking about India’s context, he said the country was poised to achieve high economic growth of 9-10 per cent, given the savings rate of 35 per cent and investment rate of 37 per cent. For this to happen, there was need for peace in the region, he said.
He also said that countries like India needed international environment that does not allow protectionist forces to gain ascendancy, Ms. Rao said.
Dr. Singh told Mr. Obama that “we should rewrite the architecture of the global economic system. In this context, G-20 could play an important role in ensuring that global economic recovery is sustainable.”
He said the U.S. was uniquely placed to work out a plan for sustainable recovery in a globally integrated financial system. There is synergy of interests between India and the U.S., Dr. Singh told Mr. Obama.
In response, Mr. Obama said the U.S. would welcome suggestions of India as preparations for the next G-20 were underway. He mentioned common interest of both countries in seeing early conclusion of Doha Round of WTO talks.
Dr. Singh said, food security, energy security were other areas for cooperation especially since experience of India in these fields was very valuable and of relevance.
