Need to revive global economic confidence, says PM Modi

Prime Minister Narendra Modi on Saturday called for the revival of global economic confidence, adding that developing countries like India are vying for a faster trajectory of growth.

"The Prime Minister said there is a need for a stable political and economic environment to achieve our goals because several countries are like India, that is, those wanting to go in a faster trajectory of growth. The international environments through organisations or groups like the G-20 can support this effort," Ministry of External Affairs official spokesperson Syed Akbaruddin told the media.

"Prime Minister Modi felt there was a need to send a strong message to revive global economic confidence and boost economic growth and job creation. He listed our certain of the priorities that he sees - for example, the need for a better international policy coordination at a global level," he added.

According to Syed Akbaruddin, Prime Minister Modi further talked of the G-20 Summit being held in what he called the 'shadow of continuing weak economic growth'.

"The Prime Minister felt that the G-20 Summit is being held in the shadow of continuing weak economic growth, which is affecting growth in developing countries too. There are also concerns about the impact of political turbulence security challenges and pandemic threats like Ebola," he said.

"He also paid emphasis on the need for close coordination to address the issue of unaccounted money stashed abroad. He felt that it repatriation was a priority for the government, given that it has not only economic implications but also security-related implications and challenges," Akbaruddin added.

On the sidelines of the G-20 Summit, Prime Minister Modi also held bilateral talks with the French President and the Canadian Prime Minister, apart from interacting with other leaders.

"Prime Minister Modi also had two bilateral meetings with France President Francois Hollande and the Canada Prime Minister Stephen Harper. In addition, given that the leaders were in close proximity, the leaders had several occasions to interact," Akbaruddin said.

"Prime Minister Modi was able to interact with several leaders, including US President Obama, Russia President Putin, Australia Prime Minister Abbott, Saudi Arabia Crown Prince Salman bin Abdulaziz and several others," he added.

Prime Minister Modi is currently in Brisbane, where he is attending the G-20 Summit. On Sunday, he travels to Sydney, where he will address the Indian diaspora, before visiting Canberra and Melbourne. On November 18, he leaves for Fiji, which is the final leg of his three-nation, 10 day trip.