India to seek reform of global financial institutions

With barely two weeks left for the crucial G-20 meet, India today said it would seek reform of international financial institutions to prevent global financial crisis, which is sending shock waves around the world.     

"We will seek reform of the international financial institutions, and improved regulation and supervision to prevent recurrence of such crises," Prime Minister Manmohan Singh said at a meeting with captains of Indian industry here.     

Singh said his Government was working closely with other countries to ensure coordinated policy action and increased development cooperation for the containment of this crisis.     

The United States has called a meeting of the G-20 on Financial Markets and the World Economy in Washington on November 15 to discuss the global financial crisis and work out a joint strategy to deal with the emerging situation.     

Among other things, the Summit will discuss the effects of the current crisis on emerging economies and developed nations.     

After attending a meeting with Finance Minister P Chidambaram to devise a strategy for India's position on G-20 meeting last week, former RBI Governor C Rangarajan had said the summit was a high-level meeting that will discuss possible changes in the international financial architecture.    
Besides the US, the members of the G-20 include India, Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Russia, and the UK.