G-20 should send a strong message against protectionism: PM

Prime Minister Manmohan Singh today left for Pittsburgh to attend the G-20 Summit which, he said, should send a strong message against protectionism in all its forms and the need to carry the process of reform of international financial institutions.       

"It is necessary for India to engage in the management of the world economy because we have a lot at stake, and a lot to contribute," Singh said in a statement before leaving for the US.       

India, he said, would also like to see a strong message to emerge from Pittsburgh against protectionism in all its forms, whether trade in goods, services, investment or financial flows.

Singh, who will be meeting world leaders including the new Japanese Prime Minister Yukio Hatoyama, emphasised the need to carry the process of reform of international financial institutions further to give "greater voice and representation to under-represented countries".

Noting that the global economy and financial markets have shown a distinct improvement, Singh, however, cautioned, "We are still not out of the woods."

The Prime Minister said he would convey India's interest in seeing the earliest possible return to trend growth and stabilisation of the banking and financial sectors in the advanced economies, because this directly affects its exports, capital inflows and investment.

"We would like to see a continuous increase in the capital base of multilateral development banks to finance the massive infrastructure needs of emerging markets," he said.