India and a Tobin Tax ~ India weighs capital controls amid hot money fears ...
9/17/2010
India calls upon G-20 nations to join hands in post-global economic crisis scene
NEW DELHI, Indian Finance Minister Pranab Mukherjee on Friday called upon the G-20 countries to join hands in tackling the post-global economic meltdown scenario, said a press release issued by Government of India.
Mukherjee said that that G-20 countries would have to work together to support well the functioning of international economy, and also need to coordinate policy actions in a manner that could ensure strong, sustainable and balanced growth.
He also said that international trade would have to be kept open and attempts of protectionism should be avoided.
"Governments of G-20 nations will have to build domestic political support for international policy coordination, wherein some national policies might have to be calibrated to ensure a more optimised global outcome," said Mukherjee.
According to him, the immediate spheres of such coordination between G-20 countries were - macroeconomic policies and exit strategies, reform in the governance of International Financial Institutions to reflect current economic realities, avoiding protectionism, and coordination on climate change and energy issues.
Terming the recent global economic crisis as "a turning point" for the entire world, Mukhrjee said: "Hence, it is an opportunity for new thinking in the world of finance and globalization. I believe that we will come out of this global financial crisis with stronger economies."
Clarifying his stand against "protectionist" polices, he stated: "In an era of globalization, with almost all countries integrated into the global economy, complete decoupling is only a myth."
(end). py.tg KUNA 171734 Sep 10NNNN
