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India to focus on infrastructure-led growth at G20
Saturday June 16, 2012 08:25:00 PM,
IANS
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New Delhi: Prime
Minister Manmohan Singh Saturday voiced concern over a deepening
eurozone crisis adversely impacting India and stressed the need to
focus on investment in infrastructure as a means to stimulate
growth.
Europe is one of India's major trade and investment partners and
"continuing problems there will further dampen global markets and
adversely impact our own economic growth", Singh said as he left
for an eight-day tour of Mexico and Brazil to participate in the
seventh summit of the Group of 20 developed and developing
countries in the resort town of Los Cabos and the Rio+20
environment summit in Rio de Janeiro.
"I will stress the need to ensure primacy of the development
dimension in G-20 deliberations and the need to focus on
investment in infrastructure as a means of stimulating global
growth," he said.
The summit takes place as Europe struggles to contain its debt
crisis, the US muddles through an almost jobless recovery and
emerging economies like India and China adjust to slower growth.
The two days of talks will kick off Monday, just hours after
results are expected from Sunday's elections in Greece which may
determine the country's chances of staying in the euro zone and
threaten other bigger economies in the single currency area, such
as Spain and Italy.
The Prime Minister said the need to revive global growth was of
immediate concern.
"It is imperative that the G-20 countries work in coordination to
implement policies that promote sustained growth. India has been
pursuing this objective in its capacity as the co-chair of the
Working Group on the Framework for Strong, Sustainable and
Balanced Growth," he said.
As the current Chair of BRICS, India will host an informal meeting
of leaders prior to the start of the G-20 Summit to exchange of
views on the summit agenda.
From Los Cabos, Singh will travel to Rio de Janeiro for the
UN-sponsored Earth Summit June 21-22.
On the Rio-20 summit, the Prime Minister said said the cardinal
principles of Rio 1992 must not be diluted, "particularly the
principle of common but differentiated responsibilities as well as
equity, which were at the core of global sustainable development
efforts".
"We must acknowledge the continuing differences in levels of
development across the world, and the need for provision of
financial and technological support to the developing world if we
are to work together as a global community to address our most
pressing environmental challenges.
"India will work with like-minded countries to forge a consensus
in this endeavour."
In the run up to Rio+20, the theme of "Green Economy" has
attracted wide attention. India is of the view that "Green
Economy" as a concept will succeed only if it enhances their
ability to address poverty eradication, provides adequate policy
space for national priorities and ensures that structural changes
as a result of it do not lead to protectionism.
India Friday warned against restrictive trade barriers imposed by
rich nations in the name of green economy and insisted that
"sustainable development goals (SDG)" have to be "voluntary,
aspirational and non-binding."
"Any attempt to make SDG binding would be opposed. It should be
voluntary and aspirational, and has to be supported by means of
implementation, including funding and removal of trade barriers,"
said Environment Minister Jayanthi Natarajan, India's chief
negotiator at the summit.
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