New Delhi 13th March, “The G-20 countries should look for ways for recapitalizing Multilateral Development Banks. At present the World Bank lending for infrastructure development is too miniscule,” said Dr, Montek Singh Ahluwalia, Deputy Chairman, Planning Commission of India, at CII organised Industry consultation on G-20.
He further added that the Multilateral Development Banks, especially the World Bank, should significantly expand their lending for infrastructure development in the developing economies. Dr. Ahluwalia, who is also India's Sherpa to G-20, warned that “Fiscal austerity path is recipe for disaster”.
Dr. Ahluwalia emphasized that G-20 which contributes 80% of world GDP so far played a successful role in combating the global financial crisis. He urged businesses to suggest ways for conclusion of WTO Doha negotiations and not just repeat the rhetoric of need for its early conclusion.
Earlier, Mr. Arun Bharat Ram, Past President of CII and Chairman, SRF Limited in his welcome address said that at G-20 forum India along with other large emerging countries are playing pivotal roles in responding to global economic and financial crisis. He shared with industry members the launch of Business 20 Coalition and its priority areas of work. The B-20 Coalition became a mirror of the G20 by ensuring business representation from all the G20 countries. Confederation of Indian Industry represents Indian industry in this coalition.
The meeting was organized to gather Indian industry inputs in the run-up to St. Petersburg G-20 Summit Meeting to be held in September 2013. The discussion took place around three key G-20 topics – Financial Sector, International Trade and Infrastructure & Investment. The meeting was attended by over 100 industry representatives.