India has borne global financial crisis well: PM

June 17th, 2009 - 11:28 pm ICT by IANS  

Manmohan Singh By Manish Chand
On Board Air India One, June 17 (IANS) With the Indian economy showing signs of recovery, Prime Minister Manmohan Singh Wednesday said the country had borne the global downturn “well” and called for a new world economic architecture.

“We live in times of rapid economic change when the BRIC economies are a factor of stability and growth,” Manmohan Singh told journalists while returning from Russia.

Manmohan Singh participated in the first summit of Brazil, Russia, India and China (BRIC) in the Russian city of Yekaterinburg that focused on mapping a new global financial architecture and a bigger voice for emerging economies in international financial institutions.

“India has borne the global economic crisis well, though we have not been unaffected,” he said, indicating his optimism in a recovery of the Indian economy from the side-effects of the financial meltdown.

“The visit has reinforced my sense of the significance of India’s engagement with the world, particularly at this time of economic crisis and political change,” he said.

Asked if the BRIC leaders discussed replacing dollar with an alternative global currency, the prime minister said it was “a complex issue, replacing dollar by other currency - National or SDRs.

“And it was felt that this matter required proper examination by our foreign ministers and governors of central banks,” he said.

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