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G-20 Summit - India comes through a winner
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Bikky Khosla | 29 Sep, 2009
The recently concluded G-20 Summit had at least two positives, if not more. Firstly, the virtual burial of the G8 grouping of rich nations and secondly, now the developed countries will look at the developing nations in a new light. And India, under the leadership of our Prime Minister, Dr. Manmohan Singh, perhaps emerged as an economy to reckon with.
The fact that the elite club of rich industrialised nations has realised that economic governance can no longer be monopolised by a handful of developed nations, is indeed a winning point for nations like India.
I believe that India has put across one vital point - that it can contribute a lot towards the management of the world economy. Today the G-20 is a premier forum on global financial and regulatory matters, and what better forum can one get to put across this point? And India has not missed the opportunity!
With the emergence of economies like India, China and Brazil, the global governance structure needs certain changes wherein these nations need to be a part of any economic decision-making - India has succeeded in making a long-lasting impression on this.
Most importantly, the greatest achievement is the fact that India was able to convince everyone that the time was premature for countries to end their fiscal stimulus packages as it would hurt the developing countries the most. Meanwhile, India's stand on greater voting rights for developing countries in the International Monetary Fund (IMF) was well received and will have greater implications in the future than what meets the eye, as of now.
India is on the path of economic evolution, vis-a-vis the current global economic order. Back home, the saddest part, however, is that many a time politico-social issues supersede economics. If this continues to happen, India will lose its credibility in the global arena. Let's just hope our think-tank (read our politicians) keep both separate.
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G-20 summit - Pittsburg - Bigger Play
Vinay Joshi | Wed Sep 30 19:28:14 2009
Dear Mr.Bikky Khosla, In fact in my last post i had stated that stronger India heads to Pittsburg, as worlds second largest growing exconomy.P5 doors were closed for India now in reckoning in new world economic order.
Well G6,G7,G8 now G20 with India full fledged member unlike obsever status.Further will be contributing to IMF where US has defaulted.The G20 emphasis is to work durable recovery w/o fragiliries.G20 will be exclusive forum for int'l exconomic cooperation.G20 accounts for 85%GNP,80% trade,2/3rd population.Stimulus packages should continue subject to rebalancing, tighter Central Bank norms.The protectionism measure initiated has gained qualified support of China.The geopolitical aspects of G20 as effective G8 will take place on consensual transmutation only.Only a single African country is listed!India has a foot in both poor & rich sides of development debate.India is under fire on climate change & Doha round,India will fiercely resist.Our Hon'ble PM has excellent rapport with G20 leaders including US.India is a key player in 153 nations WTO, key member within WTO G33,G20&G4.This is India's chance to re-do the failing world economy, MSME's take note.Today India-China is riding on liquidity from West.India has to build FX reserves.
The politico-social views are garnered towards infrastructure with huge investments envisaged & that can lead to growth, manifold.
India has to further its trade with traditional trade blocs viz BRIC,IBSA,BIMSTEC. Regards.
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