PM sets tone for G-20 meet: World economy is in deep trouble

Setting the tone for the crucial G-20 Summit, Prime Minister Manmohan Singh on Monday said the world economy is in "deep trouble" and hoped the grouping of developed and developing countries will come up with constructive proposals to pull the world out of this crisis. With anxiety over the global economic woes being reflected at the seventh summit of the four-year-old grouping, Singh's suggestion that the G-20 should focus on the need on investment in infrastructure as a means of stimulating global growth was significantly well received at the deliberations. "The world is in deep trouble, I hope the G-20 will come up with constructive proposals to get the world out of this crisis," Singh told newsmen ahead of the summit at this Mexican coastal resort town, meeting against the backdrop of a faltering global economy and the burgeoning Eurozone crisis.

Indian Diplomacy to Acquire a Decisive Economic Perspective to its Thinking and Strategic Approach; 2011 to See an Improvement in World Economy: says Pranab Mukherjee

The Union Finance Minister Shri Pranab Mukherjee said that Indian diplomacy has to acquire a decisive economic perspective to its thinking and strategic approach. Elaborating the same, the Union Finance Minister said while anchoring our foreign policy primarily in the promotion of our national self-interest, we need to engage with our partners in a manner that we create strong mutual stakes in each other’s development process, in general, and economies in particular. He said that we have to ensure that our interests and security are safeguarded and promoted. The Union Finance Minister Shri Pranab Mukherjee was addressing the senior officials of Indian Foreign Service (IFS) here today. He said that as a stakeholder in the international system, we need to manage the changes that are underway so that our political and economic interests are not compromised. Shri Mukherjee said that we have to prepare ourselves strategically and with the help of requisite expertise address the issues before the international community and contribute in shaping a more equitable, secure and progressive world order. The Finance Minister said that this necessitates an open mind and willing hands to bring about the change and the required momentum in our thinking and in our skills to address these challenges.