Manmohan to pitch for durable, balanced growth at G20


New Delhi : India will pitch for “durable, balanced and sustainable” global growth at the G20 summit in Toronto to meet its developmental goals, Prime Minister Manmohan Singh said Friday ahead of his departure for Canada where he will meet a host of world leaders.

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“The (June 26-27) summit is expected to deliberate on a framework for strong, sustainable and balanced growth,” Manmohan Singh said in a departure statement. He added that the global recovery continued to be “fragile and uneven”.

“India will participate in this exercise and project our expectations from the global economic and financial system, and the kind of global growth processes that we seek,” he said.

“We will highlight the importance of development issues in the future work of the G20,” he said, while lauding the success of G20 in managing global recovery.

“To meet our ambitious development targets, it is necessary that the global economy continue to recover in a stable and predictable manner,” he said.

The theme of the two-day Toronto Summit is “Recovery and the New Beginning”.

The prime minister stressed on India’s need for investment and capital flows and rooted for “an open and rule-based trading system that does not succumb to protectionist tendencies”.

“The challenge of the Toronto summit will be three-fold – to ensure that global economic recovery is durable, balanced and sustainable; to calibrate exit strategies in the light of growing concerns over expansionary fiscal policies; and to focus on medium and long-term structural issues relating to governance issues.”

Alluding to bilateral talks he will have with his Canadian counterpart Stephen Harper, Manmohan Singh said that “relations with Canada are becoming broad-based and there is a mutual desire on both sides to impart fresh vigour and vitality to them.

“India and Canada share the same values and there are many opportunities for us to contribute to each other’s welfare and prosperity.”

India and Canada are also expected to sign a host of agreements, including a bilateral civil nuclear cooperation pact.

On the margins of the G20 summit, Manmohan Singh will hold bilateral talks with US President Barack Obama, French President Nicolas Sarkozy, British Prime Minister David Cameron and Japanese Prime Minister Naoto Kan.

He will also attend a meeting of BRIC leaders of India, Russia, Brazil and China.