India hopes that “the European leaders will take resolute action to resolve the financial problems there,” said Prime Minister Manmohan Singh in a statement on the eve of his departure for the group of 20 (G20) summit, which begins on Monday in Los Cabos. Mexico.
Singh said the G20 is meeting “once again” in “the shadow of the economic crisis in the euro zone and a faltering global economy”. Singh also spoke of the need to revive global growth.
As Greece elections on Sunday will be the key determinant in deciding the future of the euro zone, the G20 may have to cobble together an ad hoc response.
Given the poor growth figures for the Indian economy and the fact that almost everyone believes this is largely self inflicted, Singh will speak with minimal credibility at Mexico. This will be in stark contrast to previous G20 gatherings where his standing as an economist and the resilience of the Indian economy put him a head and turban above the other leaders.