Indian Prime Minister Manmohan Singh arrives in the city on Friday for a summit of the world's 20 leading economies with the hope that it would lead to corrective measures to check the global financial crisis and prevent a future one. Finance Minister P Chidambaram is accompanying the prime minister but Planning Commission Deputy Chairman Montek Singh Ahluwalia and economic affairs secretary Ashok Chawla are already in Washington preparing the groundwork for the Group of 20 (G20) summit.
Before leaving for Washington Manmohan Singh said, "as a major developing economy which is getting increasingly integrated with the global economy, India has a vital stake in the stability of the international economic and financial system". India would also seek strengthening of the international institutions, both the International Monetary Fund (IMF) and the World Bank as well as regional development banks 'to ensure that the fallout on the developing countries of the global crisis is minimal'.
Ahead of the summit, host President George W Bush called for overhauling the 'outdated' regulatory structures of the financial industry, but warned against reinventing the free market system that has spurred economic growth for decades. "It would be a terrible mistake to allow a few months of crisis to undermine 60 years of success," Bush said in a speech in New York on Thursday, offering a broad defence of US-style capitalism and free markets. (IANS)
Before leaving for Washington Manmohan Singh said, "as a major developing economy which is getting increasingly integrated with the global economy, India has a vital stake in the stability of the international economic and financial system". India would also seek strengthening of the international institutions, both the International Monetary Fund (IMF) and the World Bank as well as regional development banks 'to ensure that the fallout on the developing countries of the global crisis is minimal'.
Ahead of the summit, host President George W Bush called for overhauling the 'outdated' regulatory structures of the financial industry, but warned against reinventing the free market system that has spurred economic growth for decades. "It would be a terrible mistake to allow a few months of crisis to undermine 60 years of success," Bush said in a speech in New York on Thursday, offering a broad defence of US-style capitalism and free markets. (IANS)
source
