Leaders of the world's top 20 economies, including India, on Thursday appeared to have narrowed down their differences over key issues of regulation and strengthening financial system to rescue the global economy facing the worst crisis since 1930s.
"We are within a few hours, I think, of agreeing a global plan for economic recovery and reform. . .," said British Prime Minister Gordon Brown as the G-20 leaders met to chalk out the finer details. India, along with France and Germany, is pitching for stronger regulation and improved supervision of the financial system to prevent a repeat of the current crisis.
Meawnhile, Prime Minister Manmohan Singh said that India's economic growth in 2008-09 is estimated to have fallen below 7 per cent and is likely to remain at that level in the current fiscal on the back of fiscal and monetary initiatives.
"Our growth rate, which was close to 9 per cent in the previous five years, will fall below 7 per cent in 2008-09 we hope to be able to achieve a similar growth rate in 2009-10, with continuous reliance on monetary and fiscal policy," he said in his remarks at the dinner hosted for leaders of the G-20 Summit in London.
Text: V S Chandrasekar, PTI
Image: Britain's Prime Minister Gordon Brown (L) chats with his Indian counterpart Manmohan Singh upon his arrival at the G20 summit at the ExCel centre, in east London on April 2, 2009. | Photograph: Philippe Wojazer/Reuters.
Also read: PM's message at G-20: Shun protectionism
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