India to press for global financial sector reforms at G20m summit

India wants the upcoming G20 leaders summit in Pittsburg to discuss ways of preventing recurrence of regulatory failures that trigger economic crises, foreign secretary Nirupama Rao said today.

India hoped the Pittsburg summit would help address the issue of reforms of international financial institutions, she said, adding that India would also like to see the Pittsuburg summit deliberate ways to ensure that the developed world ensures that such crises which stem from regulatory failures are not repeated.

Financial market reforms would be central to the summit of developing and developed nations, she said, adding that India would like to play a pro-active role on the issue.

India, she said, remained opposed to protectionism in all its forms covering trade in goods, services and investment.

She said raising India's economic growth rate from the current 6-7 per cent also depends on restoring trade and investment and the government now looks forward to coordinating such efforts. 

Prime minister Manmohan Singh will leave for the US on a four-day visit to attend the G-20 summit in Pittsburg. The G20 summit is expected to discuss the need to strengthen rules governing financial markets and the steps to speed up global economic recovery.