Prime Minister Manmohan Singh has said "There is no economic crisis in India. It is certainly true that as a sequel to the global economic crisis our exports have suffered that has affected the rate of growth, but even then our economy is growing at a rate of six and half percent. Therefore there is no crisis, as such in India India has a stake in the stability and growth of the world economy."
"If world economy collapses, there is obviously some effect on our country. Already the rate of our growth of our economy particularly our exports have suffered. So in an increasingly interdependent world, I think, no country by itself can ensure that all its goals of economic life can be achieved working to the exclusion of other participants in an increasingly interdependent world," Singh said.
He said interdependence in a globalised world means that no country how so ever powerful it may be can take on the entire burden of economic adjustment and economic decision making that may be required to manage the global system in an orderly passion. Noting that interdependence of nations is fact of life
"It is that perception, that reality which has, I think persuaded many people in Europe and the United States that G-8 is ill equipped to handle all the global issues with the rise of Asia. With growth of India, China, Brazil, economic decision-making has to take into account the view of these countries if it is to have an optimum impact," he said.
"It is that perception, that reality which has, I think persuaded many people in Europe and the United States that G-8 is ill equipped to handle all the global issues with the rise of Asia. With growth of India, China, Brazil, economic decision-making has to take into account the view of these countries if it is to have an optimum impact," he said.
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