G20 summit eve: India for continuance of stimulus package

India will seek continuance of the stimulus package, devised to get the global economy out of the worst crisis since the Great Depression of the 1930s, at the G-20 Summit here on Thursday, while pitching strongly against any attempts at protectionism and advocating reforms of the international financial institutions.  

Prime Minister Manmohan Singh leads the Indian delegation at the summit, being hosted by President Barack Obama. He will voice the developing countries' view that the advanced nations should return to the trend growth and stabilisation of the banking and financial sectors as it affected exports, capital flows and investment of the emerging economies.

Planning Commission Deputy Chairman Montek Singh Ahluwalia, National Security Adviser M K Narayanan, Finance Secretary Ashok Chawla are a part of the Indian delegation attending the summit which will be attended by world leaders including British Prime Minister Gordon Brown, German Chancellor Angela Merkel and French President Nicolas Sarkozy among others. The summit represents 90 per cent of the world's GDP, 80 per cent of the world trade and two-thirds of humanity.

Another important area India would concentrate on is the reform of the international financial institutions and a continuous increase in the capital base of multilateral development banks, to finance the massive infrastructure needs of emerging markets.  

The expansion and strengthening of the erstwhile Financial Stability Forum and now the Financial Stability Board and the Basel Committee on Banking Supervision was a step in the right direction to address the regulatory aspects, feels India. It wants process of governance reform of international financial institutions be given greater voice and representation by under-represented countries.  

The Pittsburgh Summit is expected to focus on medium and long term issues such as a framework for sustainable and balanced growth, strengthening the international financial regulatory system, reforming the mandate mission and governance of the International Monetary Fund and development banks, strengthening support for the most vulnerable, an open global economy and energy and climate change.

In view of the climate change summit scheduled for end of this year, India is against any mandatory caps on carbon emissions without taking into account the factor of historical responsibilities on the part of the developed countries.