As G-20 leaders meet next week in the shadow of a deepening European crisis, posing a renewed threat to the global economic growth, including that of India, Prime Minister Manmohan Singh is expected to call on the world leaders for “renewed efforts” for an early revival of global economies.
A prolonged European crisis is of particular concern for India as the 17-nation union is India’s major trading and investment partner.
“I will stress the need to ensure primacy of the development dimension in the G-20 deliberations and the need to focus on investment in infrastructure as a means of stimulating global growth,” Singh said before his departure to Mexico to attend the seventh summit of the Group of 20 developed and developing countries.
Singh’s emphasis on “investment in infrastructure sector” assumes significance as India envisages a trillion dollar investment in the next five years to tone up the sector, crucial for a sustained high economic growth.
Singh said 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”.
Meanwhile, the prime minister emphasised that BRICS (Brazil, Russia, India, China and South Africa) leaders have agreed to work with the global community to ensure international policy coordination to maintain macroeconomic stability conducive to healthy recovery of the global economy.
On his eight-day overseas tour, Singh is also slated to attend the Rio+20 Conference in Rio de Janeiro, where the debate is expected to centre around “green economy and sustainable development goals”. The Rio Summit, commencing on June 20, is being held 20 years after the first Earth Summit.
Meanwhile, India has cautioned against restrictive and protectionist measures ahead of the summit.
India is of the view that the “Green Economy” as a concept will succeed only if it enhances the leaders of developed nations’ ability to address poverty eradication and provides adequate policy space for national circumstances and priorities.
“We do not want trade restrictive measures or protectionism in the name of green growth,” Union Environment Minister Jayanti Natarajan said briefing newsmen ahead of the Rio+20 Summit.