Paris, Nov. 2: Amid looming uncertainty over the financial health of Eurozone India's Prime Minister Manmohan Singh left New Delhi Wednesday to attend the G20 Summit in Cannes, France.
In his press briefing before departure Manmohan Singh expressed concerned over the contagion effects of the crisis generated due to sovereign debt issue and the import of inflationary pressures in Indian economy.
Terming the sovereign debt crisis in the Eurozone as the principal source of concern for the global economy he said, “The twin Summits of the European Union and Eurozone a few days ago have helped to restore a measure of confidence in the markets, but much more needs to be done.”
On need of swift decisions taking Indian PM said, “It is important for the Cannes Summit to signal a strong and coordinated approach to put the global economy back on track, while addressing medium term structural issues.”
Prime Minister said that the Eurozone is a historic project and India would like the Eurozone to prosper, because in Europe’s prosperity lies in India's prosperity.
Representing the view of developing nations Manmohan Singh said that developing economies such as India need a conducive global economic environment to address the vast challenges they face.
“We need to ensure that developing countries have access to requisite funds through multilateral development banks and to investible surpluses to meet their infrastructure and other priority needs,” he further said.
He further said that the issue of global governance and reform the international monetary and financial system will also come up for discussion.
Indian premier will also meet French President Nicolas Sarkozy during the visit. He is expected to meet British Prime Minister David Cameron and Australian Prime Minister Julia Gillard.