By Arvind Padmanabhan, IANS,
Pittsburgh : As G20 leaders converged here for their third summit, a major consensus that has emerged is economies like India have a key role to play in restoring normalcy in the global financial system and to overcome the current economic downturn.
While Prime Minister Manmohan Singh has already said India had much to offer in terms of finding a solution to the financial crisis, US President Barack Obama feels America alone cannot resolve all problems and there must be a global consensus.
“Leaders should recognize that developing countries are a key part of the solution,” said World Bank President Robert Zeollick, ahead of the summit scheduled Thursday and Friday.
“Pittsburgh can be a turning point in other ways. Developing countries are part of the solution,” he said, adding: “If London was a summit for the financial sector, let Pittsburgh be a summit for the poor.”
Some 1,100 delegates and more than 2,000 journalists from across the globe have converged here for the G20 Summit, during which India is expected to commit itself to ensuring the recovery of the global economy.
“It is necessary for India to engage in the management of the world economy because we have a lot at stake, and a lot to contribute,” Manmohan Singh said as he prepared for the summit.
At the same time he also expected some strong signals from the summit against protectionism, especially by rich nations, whether it concerned trade in goods, services, investment or financial flows.
The most significant remarks, nevertheless, came from the host President Obama.
“Power is no longer a zero sum game. No nation can or should try to dominate another nation. No world order that elevates one nation or group of people over another will succeed,” said the US president.
According to diplomats, the G20 leaders were also expected to issue a statement at the end of the summit Friday committing themselves to a framework of sustainable and balanced growth.
Their first interaction is scheduled at the Phipps Conservatory and Botanical Gardens, where President Obama will host a welcome reception, following which they will meet at the sprawling David Lawrence Convention Centre Friday.
The city, meanwhile was geared to tackle any protest that turns ugly, with the federal government expected to spend some $10 million on security arrangements with another $4 million by the state of Pennsylvania.
The green banners put up in the city read: “Pittsburgh welcomes the world”, even as police was patrolling the areas near the venue on foot, helicopters and even bicycles.