Posts Tagged ‘G-20 Summit’

G-5, G-8..Not Anymore..Its G-20 Now !!

G20-world-economy

For the world, apparently, eight is no longer enough.

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The G-8 group of powerhouse economies, which expanded from the original G-5 one by one over three decades, stepped off center stage Friday with the ascension of the G-20 into the role of overseeing the global economy.

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The Group of 20 will take on the role of caretakers of the global economy.

The shift toward multilateral decision-making is sure to please some emerging economies — China and India in particular — and irritate those Americans who believe the United States shouldn’t be handing off its power to international institutions.

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Heading into the second day of a summit aimed at ensuring the world economy emerges from its worst recession in generations with better safeguards against another crisis, the G20 also vowed to keep emergency economic support in place until a recovery is secured, according to the draft obtained by Reuters.

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The document said G20 countries had a “responsibility to the community of nations to assure the overall health of the global economy” and pledged to try to secure next year a deal in long-running world trade talks.

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Larger G-20 would take over — a council that, by simple virtue of a membership that unites more than 80 percent of the global economy, and would be a force to be reckoned with.

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The group, which also accounts for 90 per cent of the world’s economic output, also agreed to rein in financial industry excesses that triggered the credit crisis two years ago, and to tighten rules on how much capital banks must have to absorb losses.

The new rules aimed at improving the quality and amount of capital should be ready by the end of 2010 and will be phased in in the following two years, the draft said.


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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