Prime Minister Manmohan Singh did acknowledge that the success of the summit would be judged by its ability to deal with financial instability emanating from the euro zone periphery, but he brought to the fore the mutual assessment process (MAP) that was to have been the main agenda for the leaders after the Seoul summit last year.
“As we deal with the short-term problem of instability, we must also face the challenge of orchestrating a broad-based recovery and sustainable growth in industrialised countries and in developing countries,” he noted. “This is what the MAP exercise is meant to do.”
The PM felt this would help revive the investors’ “animal spirit”, which is necessary to allow us to shift the burden of sustaining demand from the public to private sector — though it called for very different policy prescriptions.
Planning Commission Deputy Chairman M S Ahluwalia later said India expected country-specific prescriptions for dealing with the global economic situation, unlike previously when only category-wise solutions were prescribed.