Dr. Singh bats for stimulus measures, urges G-20 to resist protectionism
September 26th, 2009 - 1:06 am ICT by ANI
Pittsburgh, Sep 25 (ANI): Making a case for the developing countries at the G-20 summit here, Indian Prime Minister Dr. Manmohan Singh made a strong pitch for defending the stimulus measures, cautioning the G-20 countries from a premature exit.
Speaking at the plenary session of G20, Dr. Singh said that problem must be tackled at it root by ensuring the quickest possible return to normalcy in the global economy.
“We must certainly plan for any orderly exit when the time is right, but the time is not right now,” the Prime Minister said.
The global economy may be bottoming out, but it is not expected to reach three percent growth until the end of 2010, Dr. Singh added.
Underlining the positive outcome of the stimulus measures introduced in the second half of 2008-09, he reiterated that despite a drought India expects to growth of around 6.3 percent in 2009-10 and then recover to 7 to 7.5 percent growth next year.
The Prime Minister also urged the leading economies of the world to refrain from taking protectionist measures.
Addressing the G20 leadership, Dr. Singh said: “I recognize when growth is low and unemployment is high, it is inevitable that protectionist pressures will arise.”
He further said: “It will be a test of the collective political leadership of this group, whether we are able to resist these pressures in our countries.”
Dr. Singh also hailed World Bank’s decision to increase IBRD lending to over 100 billion dollars over next three years, and urged the international financial institutions to support and expand lending for infrastructure development to emerging market economies and the poor countries who had very little access to the capital market. (ANI
- Fiscal consolidation key to avoiding double-dip global recession: Manmohan Singh - Jun 27, 2010
- Manmohan Singh says India to grow at 6.3 percent despite financial crisis - Sep 26, 2009
- G-20: India to pitch for cautious, but stable fiscal correctives - Jun 24, 2010
- Manmohan asks rich nations to resist protectionism - Jun 27, 2010
- Time not ripe to end stimulus: Manmohan Singh - Sep 25, 2009
- Economy set to grow nine percent in 2011-12: Manmohan Singh - Nov 12, 2010
- Trade and investment offers important route to sustainable global economic recovery: Ansari - Oct 05, 2010
- Canada largely agrees with India on fiscal stimulus, exit - Jun 27, 2010
- G20 nations must help fix infrastructure gaps: Manmohan Singh (Lead) - Nov 12, 2010
- Move now towards gradual exit from stimulus: PM - Nov 13, 2010
- PM leaves for Seoul, cautions against protectionist sentiments - Nov 10, 2010
- Avoid political disruptions, India urges BRICS (Lead) - Mar 29, 2012
- G-20 Summit "Shared Growth Beyond the Crisis" gets underway in Seoul - Nov 11, 2010
- G20 concedes emerging economies' demand to resist protectionism - Jun 28, 2010
- Manmohan invites more foreign investment - Apr 14, 2011
Tags: billion dollars, dr manmohan singh, dr singh, drought, emerging market economies, g20, global economy, indian prime minister, infrastructure development, international financial institutions, manmohan, manmohan singh, plenary session, political leadership, poor countries, premature exit, protectionism, protectionist measures, return to normalcy, stimulus
