PM pitches for stable recovery

Prime Minister Manmohan Singh said that the challenge of the G20 summit in Toronto, for which he left on Friday, is to ensure that global economic recovery is “durable, balanced and sustainable.”

Prime Minister Manmohan Singh said that the challenge of the G20 summit in Toronto, for which he left on Friday, is to ensure that global economic recovery is “durable, balanced and sustainable.”

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Singh will hold a bilateral meeting with his Canadian counterpart Stephen Harper, and a civil nuclear deal is up for signing between the two countries. The summit is scheduled to be held June 26 and 27.

“The challenge of the summit will be three fold — to ensure that global economic recovery is durable, balanced and sustainable; to calibrate exit strategies in the light of growing concerns over expansionary fiscal policies; and to focus on medium and long-term structural issues relating to governance issues”, Singh said in a pre-departure statement.

He said that to meet India’s development targets, it is necessary the global economy continues to recover in a stable and predictable manner. “We need investment and capital flows, as well as an open and rule-based trading system that does not succumb to protectionist tendencies.”

Commenting on his meeting with Harper, Singh said “our relations with Canada are becoming broad-based and there is a mutual desire on both sides to impart fresh vigour and vitality to them. India and Canada share the same values and there are many opportunities for us to contribute to each other’s welfare and prosperity.”

Singh will also hold bilateral meetings with French president Nicolas Sarkozy, US President Barack Obama, British PM David Cameron and Japanese PM Naoto Kan.