UK seeks role of India, others in G-20 in handling eco crisis

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New York, Sept 27 (PTI) In a bid to rope in countries like India to join hands in tackling the financial meltdown in the US, British Premier Gordon Brown has said it cannot be left to the elite G-8 club alone to come out with strategies and wanted the involvement of G-20, which includes developing nations, as well.

With ways to prevent recurrence of the financial crisis high on the agenda of the world leaders assembled for the UN General Assembly here, the suggestion of Prime Minister Manmohan Singh, an economist-turned politician, for a new international initiative to bring structural reform in the global financial system got instant support of Brown.

During their meeting on the margins of the UN General Assembly, Brown agreed with Singh that the existing global financial architecture was not robust enough to deal with the international turbulence in financial markets.

Highlighting the need for broader strategies, Brown said the G-20 will be well-suited to deal with the problem.

Singh said restoration of financial confidence is the need of the hour for the healthy growth of the economy. He said he will be to happy to work with Britain and other countries to give his expertise and work on ways to overcome the financial crisis.

The Indian Prime Minister, a former World Bank economist, suddenly finds himself in a situation where world leaders are looking forward to him to evolve ways to deal with the financial turmoil.

US President George W Bush, who is in the midst of firefighting operations to deal with the crisis, has already set the ball rolling when he told Singh that the one person he wanted to spend time with was the Prime Minister for his calming and serene effect. PTI
UK seeks role of India, others in G-20 in handling eco crisis

 

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Economic meltdown gets India, UK on talking table
New York: During the Indo-UK bilateral meet prior to UN General Assembly, British prime minister Gordon Brown conceded that more countries should be embedded in the discussions to solve the economic meltdown and create a new financial architecture.


He suggested that negotiations must involve G-20 countries represented by nations like India, Brazil and China apart from the G-8 members.


In return, Indian Prime Minister Manmohan Singh offered cooperation to UK in this hour of financial fragility.


Prime minister Brown also emphasised on the restoration of financial

confidence for a lucrative growth of the global economy.

The two countries’ talks centred on trade and economic issues.


They both agreed the need of a single monitoring mechanism to assess the global financial system.


Deputy Chairman of Planning Commission Montek Singh

Ahluwalia was part of the Indian delegation to the United Kingdom.

Economic meltdown gets India, UK on talking table