India has important role to shape global economy: UK

Against the backdrop of global financial meltdown, Britain today said India has an important role to shape the world economy and pitched for a new system of economic governance at international arena.     

"Business is going to have a key role into the world. Now, what is needed is a world in which prosperity is widespread and opportunities are there. But for that, we need a new system of economic governance," British High Commissioner to India Richard Stagg told PTI on the sidelines of a function here.     

Stagg said India and Britain share "natural platforms" for partnerships at bilateral level and the two countries must realize their common culture, similar working of the systems and long colonial heritage.     

"To shape the new system, reforms are needed at every international level, including the IMF, so to accommodate countries like India and other developing economies.

Today's world has changed from that of the Cold War period and so the new realities should be accommodated for the benefit of the globe," he said.     

The High Commissioner said the new realities like rise of China, India and Russia should be recognized at the global arena.     

On the educational front, he said there is a big opportunity in India.     

"Processes are on to build relations at the educational front. We will try that more Indian students get educational opportunities in the UK. Recently we opened a research council in India," he said.