Economic growth depends on turnaround in dev countries: Meena

The government on Tuesday said India's economic growth also depends on the turnaround in the economy of the developed countries.

The government on Tuesday said India's economic growth also depends on the turnaround in the economy of the developed countries.

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"Indian economy's return to trend growth also depends on the turnaround in the economy of the developed countries," Minister of State for Finance Namo Narain Meena said in a written reply in Rajya Sabha.

The G-20 nations committed to continue the stimulus till recovery is assured. The Minister said the G-20 countries have also committed to strengthening the International Financial Regulatory System and have agreed to act together to raise capital standards, implement strong international compensation standards aimed at ending practices that lead to risk taking.

The leaders of the world's 20 richest nations, Meena said, have also agreed to new steps to increase access of the world's poor to food, fuel, finance.

They have also agreed to promote energy market transparency and market stability as part of a broader effort to avoid excessive volatility.

"The shift in quotas in the IMF and of the voice and representation in the World Bank in favour of the dynamic emerging markets and the developing countries will also benefit India and correct to some extent the legitimacy and governance deficit in these financial institutions," Meena said.