India to press for continuance of stimulus package at G-20 Summit
24 Sep 2009
Prime Minister Manmohan Singh, who leads the Indian delegation to the G-20 summit being hosted by President Barack Obama in Pittsburgh US, is expected to ask for a continuation of the stimulus package designed to lift the global economy out of the worst financial crisis since the Great Depression of the 1930s.
In the last G-20 Summit at London held in April, the developed countries wanted the introduction of ''exit'' strategies to phase out stimulus measures, since in their view the global economy was showing signs of recovery.
India, however, will point out at the Pittsburgh Summit that the time is not yet ripe for such ''exit'' strategies, said senior government officials accompanying the prime minister on his visit to Pittsburgh. The argument is that although the global economy and financial markets have shown a distinct improvement since the London Summit, they are still not out of the woods.
Manmohan Singh, along with his delegation of senior officials, including the National Security Advisor M K Narayanan, arrived in Frankfurt on Wednesday evening on his way to Pittsburgh, where the two-day G-20 Summit is scheduled to start from today.
Planning Commission Deputy Chairman Montek Singh Ahluwalia Finance Secretary Ashok Chawla and Foreign Secretary Nirupama Rao are already in Pittsburgh, holding preparatory consultations for the Summit.
India is also expected to pitch strongly against protectionism and urge for a reform of the international financial institutions.
