This article was last updated on April 16, 2022
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As the global financial crisis is continuing to be intensified, Prime Minister Manmohan Singh today has said that a fast growing India can help the world economy to grow, around which no protectionist barriers should be straight.
Addressing the UN General Assembly, Singh has said that India wants to increase the pace of its transformation in partnership with the international community. “A fast growing India can expand the boundaries for the global economy,” he further told, adding developing countries need speculation, technology and market access for their products.
Despite global headwinds, Indian economy has still been expanding close to 8 per cent, the second fastest growth in the world after China. In the backdrop of protectionist measures in several developed countries, Singh called upon the international community not to let economic delay trigger barriers to movement of people, services and capital.
“We should not allow the global economic slow down to become a trigger for building walls around ourselves through protectionism or erecting barriers,” he stated. Singh factually told that the world economy is being exposed to danger. “The shoots of recovery which were visible after the economic and financial crisis of 2008 have yet to blossom. In many respects the crisis has deepened even further,” PM has added.
The PM has also highlighted the requirement for reform of governance systems of international financial institutions, stating “shortage in global governance” is one of the several things to be considered and worked upon cooperatively.
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