New Delhi, September 20: India wants the upcoming G20 leaders summit to discuss ways of ensuring regulatory failures that led to economic crisis are prevented from recurring, Foreign Secretary Nirupama Rao said on Saturday.
“We hope the Pittsburg summit would … address the issue of reforms of international financial institutions,” Rao said in New Delhi.
Five days before hosting a summit of the Group of 20 nations in Pittsburgh, President Barack Obama vowed on Saturday to work with other G20 leaders to close gaps in financial regulations and said he would not tolerate reckless schemes that yield “fat executive bonuses”.
“We would also like to see the Pittsburgh summit … ensure that such a crisis which was in the first place the result of regulatory failures in the developed world is not repeated,” Rao said.
Financial market reforms will be a central issue at the summit of leading developed and developing nations, and India would like to play a pro-active role on this issue, Rao said.
India’s Prime Minister Manmohan Singh will lead a team of senior officials at the summit which will raise the damage done by protectionism to developing countries.
“We remain opposed to protectionism in all its forms covering trade and goods and services and investment,” Rao said.
India, struggling with sagging growth hit by the global downturn, will back any plans that could help developing countries rebound.
“Our growth rate has been brought down to the range of 6-7 percent … now we look forward to coordinating efforts, raising our growth rates and restoring trade and investment,” Rao said.
—Agencies