Prime Minister Manmohan Singh has welcomed a decision to make the Group of 20 as the premier forum for global economic decisions, saying the views of fast growing developing countries like India, China and Brazil have to be taken into account for optimum impact.
"With the rise of Asia, with growth of India, China and Brazil, the economic decision-making has to take into account the views of these countries if it is to have an optimum impact," Singh said at a post-summit news conference.
The prime minister said the Group of Eight, the once elite club of rich industrial nations, was "ill-equipped" to handle all global issues.
"Interdependence in a globalised world means that no country, however powerful it may be, can take on the entire burden of economic adjustment and economic decision-making," he said.
"It is that perception and that reality which has, I think, persuaded many people in Europe and the United States that this G8 is ill-equipped to handle all the global issues," he said.
The just concluded G-20 summit of world's top economies, reflecting 90 per cent of global economic output, agreed to make the group the premier forum for decisions affecting the world economy, eclipsing the G8.