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India PM hopes for strong approach to put global economy on track

11-02-2011 15:28 BJT

NEW DELHI, Nov. 2 (Xinhua) -- Indian Prime Minister Manmohan Singh Wednesday stressed the need for a strong and coordinated approach to put the global economy back on track as he embarked on a two-day visit to France to attend G20 summit.

"It is important for the Cannes Summit to signal a strong and coordinated approach to put the global economy back on track, while addressing medium term structural issues," the Prime Minister said in a departure statement in the national capital.

The prime minister said much more needs to be done to combat the debt crisis despite measure of confidence being restored in the market after the twin summits of the European Union and Eurozone a few days ago.

"India would like the Eurozone to prosper, because in Europe's prosperity lies our own prosperity. Developing economies such as India need a conducive global economic environment to address the vast challenges they face," he said.

"In an increasingly interdependent world, we have to be wary of contagion effects and the import of inflationary pressures in our economy. We need to ensure that developing countries have access to requisite funds through multilateral development banks and to investible surpluses to meet their infrastructure and other priority needs," Singh added.

Editor:Wang Xiaomei |Source: Xinhua

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