India needs open, stable economy, says PM

Manmohan Singh
New Delhi, Nov 10: Before his departure for South Korea to take part in the G20 Summit, Prime Minister Manmohan Singh on Wednesday, Nov 10 claimed that India needs an open, stable and rule-based economy to achieve real development.

Singh stated, "Given the vast development challenges we face, it is in India's interest to have an open, stable and rule-based international economic environment, whether in the field of trade, investment flows, technology transfers or open markets."

"We have to be particularly wary of protectionist sentiments. There are also developmental imbalances within and between countries, and re-balancing of the world economy is a major challenge," he added.

Stating about the second G20 Summit in 2010, Singh also pointed out, "This reflects the high expectations the world has from the G20 in moving beyond the immediate crisis that we faced in 2008 to ensuring a sustained and balanced economic recovery in the long term."

OneIndia News

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