India must be part of solution to financial crisis: Manmohan

September 30th, 2008 - 10:57 pm ICT by IANS  

Manmohan SinghParis, Sep 30 (IANS) India, as a “significant actor”, must be part of any solution to the global financial meltdown, Prime Minister Manmohan Singh stressed here while he also indicated the Indian economy may be heading for a slowdown.”We are, after China, the second largest economy in terms of growth and we are therefore potentially a significant actor, but this does not mean that we are a decisive one. The main responsibility is that of the developed countries, but India and China must take part in the solution,” he told the French daily Le Figaro in an interview published Tuesday.

“Even though the crisis is affecting only the developed countries at the moment, it can spread to the rest of the world. We live in an interdependent world and the fate of all countries is related to the international financial system,” he said.

Addressing India-EU business summit here Tuesday, Manmohan Singh admitted the Indian economy, growing at an average rate of nine percent in the past four years, is expected to slow down in 2008-09, reflecting the global trend.

But he underlined that medium-term prospects of India’s growth remained strong based on “sound fundamentals”.

Replying to a query from Le Figaro, he hoped WTO negotiations can be saved. “With other countries we are working towards the success of the Doha round. The free trade agreement with the EU is not a substitute for Doha. It is complementary. I would call this ‘Doha plus’,” he said.

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