Author Name: Avijit Bajpai

All eyes are at Washington today, as leaders from all the major economies are meeting there to find a way out to beat the ongoing economic turmoil across the globe. Washington is holding G20 summit today, a group comprising of all the developed and emerging economies of the planet, in a wake to devise a proper strategy to cope with the current distress in the global economy.

Though the agenda of the summit is crystal clear, differences over the methodology of handling the crucial issue may pose hindrances in striking a unanimous solution. Pitching India’s message to US government during the summit, India’s Finance Minister P. Chidambaram, said in a statement, “set your house in order to reverse the flight of capital from India”; moreover, he also urged the private sector to shed prices, and not production, to tackle with the global meltdown in economy.

India’s stand in this summit would be to call for comprehensive participation of the emerging economies to handle the situation, instead of bailout packages from the US only. Moreover, India would also urge the member countries to pour investment packages, in various sectors to reinvigorate the moribund global economy.