Manmohan Singh returns home from G20 summit

Prime Minister Manmohan Singh Sunday night returned here after his two-day visit to the US to attend the G20 summit on the global financial crisis.

Prime Minister Manmohan Singh Sunday night returned here after his two-day visit to the US to attend the G20 summit on the global financial crisis.

HT Image

Singh attended the summit of the Group of 20 leading economies hosted by President George W. Bush in Washington Friday and Saturday.

Addressing the summit, Manmohan Singh articulated three major points: the need for greater inclusivity of emerging markets in the international financial system; the need to ensure that the growth prospects of the developing countries are not hampered, and the need to avoid protectionist tendencies.

The G20 leaders issued a statement at the conclusion of the meet, promising to take all steps necessary to stabilise the financial system, and noted five common principles on fixing the financial system.

It included an agreement to meet again by April 30 next year to review the progress.

The summit brought together leaders from Group of Seven industrial nations, and a dozen emerging markets like India, China, Brazil and South Africa and the European Union. These 20 together account for 90 percent of global economy.