New Delhi, Nov 2 (ANI): The Prime Minister, Dr. Manmohan Singh, on Wednesday said that it is important for the Cannes Group of Twenty (G-20) Summit to signal a strong and coordinated approach to put the global economy back on track.
Dr. Singh, who left for Cannes on Wednesday to attend the sixth G-20 Summit, said in his departure statement that : "Developing economies such as India need a conducive global economic environment to address the vast challenges they face."
"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," he added.
Emphasising that the Cannes G-20 Summit is taking place against the backdrop of a sovereign debt crisis in the Eurozone, Dr. Singh said: "This crisis has emerged as the principal source of concern for the global economy."
"The twin Summits of the European Union and Eurozone a few days ago have helped to restore a measure of confidence in the markets, but much more needs to be done. It is imperative that the difficult decisions needed to address the economic challenges in Europe and elsewhere are taken swiftly," he added.
He further said the issue of global governance will also come up for discussion.
" 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 added.
Other issues that are likely to be taken up during the summit are reforming the international monetary system, financial regulations, global governance and financing development. (ANI)
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