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India: Safeguarding growth at G20 summit

06-25-2010 11:16 BJT Special Report: Hu Visits Canada, Attends G20 Summit |

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Developing economies like India find themselves in a much stronger position to advocate their issues and steps to be taken compared to the developed world.

Our correspondent Shweta Bajaj takes a look at India's expectations from the Toronto Summit, as leaders get ready to converge to build a robust world economy.

One of the most critical issues on the global agenda is financial reforms.

And this is where developing economies like India finds itself in a strong position.

That is the reason that economic analysts believe things have changed since the London Summit. And economies like India have every reason to be heard.

Sanjay Baru, economist, said, "We just want that growth momentum should not be hurt and today world is in a much better position to do this in the G20 summit."

This is where India's growth story and GDP projection of 8.5 per cent for the financial year 2010-2011 step in.

With India's industrial production at a 15 year high ... the government wants to make sure that its biggest strength does not get compromised in international diplomacy.

Shweta Bajaj, Delhi, India, "On the agenda of the ......side constraints."

Top on its list is resumption of the WTO trade talks.

India will also press yet again for IMF and world bank reforms.

India believes that G20 is a better platform for this ... as the BRIC caucus finds itself in a strong position their.

Slow withdrawal of stimulus package would also be an important issue.

Also taxing banks will be something that India and US are not likely to agree on.

Ashok Desai, Consulting Editor, Businessworld, said, "In particular the idea of taxing banks and creating a fund to insure against bank failure is of much great interest to the west, specially to the United States. I expect our Prime Minister will oppose."

For India, the crisis in Europe also remains a cause of concern.

It believes that European leaders need to fill the gaps that the crisis in Greece has created.

There are worries that the crisis in Greece might spill over on to the world that was seeing the first signs of economic recovery.

Editor:Zhang Jingya |Source: CCTV.com

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