Posts Tagged ‘developed countries’

India To Press For Stimulus Package Continuance at G-20 Summit !

G20-summit

India will seek continuance of the stimulus package that was devised to get the global economy out of the worst crisis since the Great Depression of the 1930s at the G-20 Summit in Pittsburgh .

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Prime Minister Manmohan Singh, who leads the Indian delegation at the summit being hosted by President Barack Obama, will voice developing countries views that the developed countries should return to the trend growth and stabilization of the banking and financial sectors.

Such measures affects exports, capital flows and investment of the developing economies.

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Indian PM is going to pitch strongly against any attempts at protectionism and advocating reforms of the international financial institutions in this G 20 Summit .

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Planning Commission Deputy Chairman Montek Singh Ahluwalia, National Security Adviser M K Narayanan, Finance Secretary Ashok Chawla are among the members of the Indian delegation which attending the summit.

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This Summit will also be attended by world leaders including British Prime Minister, German Chancellor, French President  among others.

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The summit represents 90 per cent of the world’s GDP, 80 per cent of the world trade and two-thirds of humanity.

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The summit is important for emerging economies like India, which have been affected by the global economic crisis not of its making, to tell the world that there was need to continue the stimulus package that was agreed at the Washington summit last November and a decision to pump in USD 1.1 trillion was decided at the London Summit in April last.

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Indian delegation are of view that the continuance of the stimulus package was in the interest of the poor countries and the emerging economies and developed economies should not adopt any strategy to exit from it.

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India will voice strongly the need for avoiding the temptation to resort to protectionism by the developed countries under the present crisis.

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World Trade to Slip by 11%; More Trouble for Exporters :(

World trade down

The International trade in 2009 is estimated to decline by 11 per cent in real terms and by more than 20 per cent in current dollars (terms), United Nations Conference on Trade and Development (UNCTAD) report said on Monday.

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This seems to a bad news for the Indian exporters due to the worsening of the global merchandise outlook.

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There was a fall in demand from major developed countries like US and European Union due to the global recession.

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The exports of India stood in the negative zone for the tenth month in a row since October 2008.

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The exports during April-July period of this year, dropped by over 31 per cent.

However, earlier, the World Trade Organisation had estimated the global trade to be slipping by nine per cent in 2009.

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World trade slowed down in 2007 and has been shrinking at a fast pace since November 2008, in both volume as well as value terms.

The trade volume decelerated first in the United States and other developed countries, the report said.

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On the top of this, the report also stated that as the crisis is global, the reliance on exports offers no easy way out, since trade is expected to fell by about 11 per cent in real terms and any expansion of new trade requires a recovery of consumption and investment somewhere in the world.

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Indian IT industry on strong footing: Infy

Indian IT industry on strong footing

The Indian IT industry is still on a strong balance and is bound to develop with more investment in research and development and in spite of cutting costs; it has not reduced strategic investment, stated Infosys Technologies Chief Executive and Managing Director S Gopalakrishnan.

Additionally, he said that they invest more in new services, value additions, new solutions and products; therefore if they don”t pay now, they will pay later on.

Hence, although radical innovation is lengthy, it will certainly pay in the future.

Although Indian companies were focusing on process innovations, they should switch over to product innovations, he said, adding Universities should also focus on R&D.

Therefore, Indian companies are also buying companies located in the developed countries which will help them market their products globally and would also help to speed up on growth.

Additionally, he said India was in a better position in terms of economic growth as it was driven by people, unlike in China where it is government driven whereas, another advantage for India was its young population.