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What India wants from G8 Summit

world Updated: Jul 09, 2009 15:51 IST
Reuters
What India wants from G8 Summit

Major emerging economies like India may be promised greater say in fixing a wobbly global economy when leaders from the Group of Eight industrial nations hold talks from July 8-10 in central Italy's L'Aquila city.

Following is India's likely stand on key issues:

Economic crisis: With signs of stabilisation in major economies and leaders keen to send a positive outlook on the global economy, talks could include possible strategies to wind down the stimulus packages. India, struggling with sagging growth hit by the global downturn, will advocate a "gradual and orderly" exit from the stimulus packages and back any plans for country-specific guidelines.

Reserve currency: Traditionally quiet on the subject, India is not expected to officially back a possible Chinese demand for a debate to replace the dollar with a new super-sovereign currency. Indian officials say there could be discussions on the dollar but it will not form part of the final summit communique.

A key Indian policy adviser said last week the weight of the dollar in the basket of currencies that helps set the rate of India's partially convertible rupee currency could be reduced by the country's central bank.

Climate: India, seen as crucial to any global deal on climate, is among 17 major economies meeting on the sidelines of the G8 summit to try and narrow down differences over emissions.

But it says an agreement in L'Aquila, which could go a long way in defining a new U.N. climate treaty due to be agreed in Copenhagen in December, will not be possible if the rich countries insist on changing the base year for carbon emission comparisons and long-term emission reduction goals.

Disagreements also remained over setting a peak year for global emissions. Negotiators from the 17 countries meet on Tuesday to iron out differences ahead of the summit.

G8 vs G20: India will push for a greater role for the Group of 20 nations, which includes both rich and emerging economies, in global policy-making because such a grouping's agenda is more in line with India's own policy needs. But it says the G8 nations will always have a major role in the global economy.

Oil: To reduce price volatility, India says it attaches high importance to establishing a stable, transparent and affordable pricing regime along with safe, secure transportation of natural gas as these would constitute critical components of its energy security. It would want the summit to consider deploying suitable technologies for the management and governance of transit systems.