Is G20 a Solution to Economic Global Crisis?

The Prime Minister also spoke about the investments to India being affected by the adverse global climate which impacts both foreign and domestic investors. He further added, "We are taking steps to revive investor sentiment. We are determined to create an environment that would boost investor sentiment and promote an atmosphere conducive to enterprise and creativity." 

In this context, Singh said the policies will be transparent, stable and designed to provide a level playing field to both domestic and foreign investors. Singh told the world leaders that India is focusing heavily on infrastructure investment and has set ambitious targets to keep this on track and also put in place a problem resolution mechanism to overcome implementation bottlenecks. The Prime Minister stressed that there should be a focus on investment in infrastructure as a means of stimulating global growth has found resonance at the G-20 deliberations with both developing and developed countries responding positively.

In the context of controlling subsidies, Singh referred to a landmark effort underway in India to provide unique identity numbers for all residents with capture of biometric data. The G20 summiteers were told that this massive database covering over a billion people will facilitate delivery of a whole range of financial and other services, through effective targeting and reduced linkages in subsidy schemes. 

India also plans to contribute $ 10 billion to International Monetary Fund or IMF to stabilize Euro zone. Singh said in his speech at the G20 Summit in Mexico that there was a need to provide liquidity to cope with the loss of market confidence. He also said that policies in India would be designed to create a level playing field for both domestic and foreign investors. However, he stressed on bringing back growth to manage debt. He said that the G20 was getting over-burdened with too much on the agenda. “G20 needs to focus on few goals,” he added.