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At G20, India to pitch for reform of global financial bodies


New Delhi : India will make a pitch for reforms of world financial institutions and concrete steps to mitigate the global crisis when Prime Minister Manmohan Singh participates in the G20 summit of major and emerging economies in Pittsburgh Friday.

India will focus on the need for reforms of global financial institutions to reflect ground economic realities as it exist today, Foreign Secretary Nirupama Rao told reporters here Saturday in a curtain-raiser briefing ahead of Manmohan Singh’s two-day visit to Pittsburgh starting Thursday.

India will also reiterate its opposition to all forms of protectionism, she said.

Planning Commission Deputy Chairman Montek Singh Ahluwalia and National Security Adviser M.K. Narayanan are among the senior officials who will be accompanying Manmohan Singh to Pittsburgh in Pennsylvania.

The summit will review actions taken by the G20 countries to implement decisions of the grouping’s summits at Washington in November 2008 and London in April this year, and chart out a roadmap for mitigating global financial meltdown, Rao said.

A declaration or a communique will be issued at the end of the summit amid emerging green shoots of an economic recovery, she said.

The G20 initiative, which started in 1999 in the wake of the East Asia financial crisis, brings together major economies and dynamic emerging economies to resolve issues relating to management and regulation of global financial institutions.

The G20 countries account for 90 percent of global GDP, 80 percent of global trade and are home to two-third of the world’s humanity.