PM hopes G20 leaders will help put global economy on track
Singh also underscored the need for swiftly taking the difficult decisions to address the economic challenges in Europe and elsewhere against the backdrop of the sovereign debt crisis in Eurozone.
"It is important for the Cannes Summit to signal a strong and coordinated approach to put the global economy back on track, while addressing medium term structural issues," he said in a departure statement before leaving for the two-day Cannes Summit in French Riviera starting tomorrow.
The Prime Minister said much more needs to be done to combat the debt crisis despite measure of confidence being restored in the market after the twin summits of the European Union and Eurozone a few days ago.
Noting that the Eurozone is a historic project, he said, "India would like the Eurozone to prosper, because in Europe"s prosperity lies our own prosperity".
Developing economies such as India need a conducive global economic environment to address the vast challenges they face, he said.
"In
an
increasingly
interdependent
world,
we
have
to
be
wary
of
contagion
effects
and
the
import
of
inflationary
pressures
in
our
economy.
We
need
to
ensure
that
developing
countries
have
access
to
requisite
funds
through
multilateral
development
banks
and
to
investible
surpluses
to
meet
their
infrastructure
and
other
priority
needs," Singh
said.
The
issue
of
global
governance
will
also
come
up
for
discussion
during
the
G20
meet.
"This
is
an
issue
of
importance
to
India,
and
we
will
work
with
others
to
develop
effective
and
representative
global
governance
mechanisms
and
carry
forward
the
process
of
reform
of
the
international
monetary
and
financial
system,"
he
said.
During his visit, the Prime Minister will hold a bilateral meeting with French President Nicholas Sarkozy. He would be also meeting British Prime Minister David Cameron, Australian Premier Julia Gillard as also EU leaders Herman Van Rompuy and Jose Manuel Barroso.
Singh, who will be at the G20 summit for the sixth consecutive time since it was first hosted by the US in 2008, is also likely to push through India's agenda for voluntary exchange of tax information to curb black money.
Singh is due to return home on Saturday night.The Summit will be dominated by efforts by European leaders to resolve the sovereign debt crisis after the 17-nation Eurozone sealed a deal last month critical for global economic recovery.
A report from Athens said Greece has plunged the Eurozone back into crisis with a call for a referendum on a debt rescue package reached just days ago with difficulties.
The
Summit
hosted
by
Sarkozy
is
expected
to
seek
commitments
from
all
G20
members
on
growth
and
on
re-balancing
public
finances.
US President Barack Obama, Cameron and Chinese President Hu Jintao will be among the world leaders at the critical summit.
Singh is expected to urge the G20 to take the necessary steps to address current economic instability and to take concrete steps to put open trade, jobs, social protection and economic development at the heart of the recovery.
While underscoring the need to avoid protectionism, he is expected to advocate the importance of an open, transparent and rules-based multilateral trading system as a driver of global growth.
The economist-turned prime minister, whose advice is often sought at the G20 high table, is expected to give this prescription for providing the necessary confidence to global markets and ensuring a more stable global economic environment.
PTI