Seeking new rules for the world financial system, India on Sept 30 offered to participate in restructuring of troubled global markets. India cannot remain insulated in the long run. We need new rules for the global financial market, Commerce and Industry Minister Kamal Nath said at a meeting of top French industrialists organised jointly by apex Indian industry chambers FICCI and CII in Paris. Nath said the new financial architecture was not confined to one country. "We will of course participate with France and the US in restructuring the financial systems," he said.
Earlier on Sept 30, Prime Minister Manmohan Singh had also said India''s capacity to finance development would be affected and exports compromised if major economies went into recession. Singh, who was on a two-day visit to France, had said the crisis affecting the developed countries at the moment could spread to the rest of the world and wanted India and China to be part of the solution-finding exercise. India and several others Asian economies have so far not been directly affected by the collapse of major US and European banks. The US House of Representatives had on Sept 29 rejected a $700-billion bailout package. Further, Nath said the short and medium term fundamentals of the Indian economy were sound. Exports from India were growing at 30 per cent and the country was also receiving foreign direct investment at a faster pace. Referring to the India-EU Free Trade Agreement under negotiation, Nath said although New Delhi had to suffer "more pain" in terms of reducing the customs duty, the country was ready for it. But it was for the EU members to push for an early conclusion of FTA with Brussels (EU Headquarters).
Earlier on Sept 30, Prime Minister Manmohan Singh had also said India''s capacity to finance development would be affected and exports compromised if major economies went into recession. Singh, who was on a two-day visit to France, had said the crisis affecting the developed countries at the moment could spread to the rest of the world and wanted India and China to be part of the solution-finding exercise. India and several others Asian economies have so far not been directly affected by the collapse of major US and European banks. The US House of Representatives had on Sept 29 rejected a $700-billion bailout package. Further, Nath said the short and medium term fundamentals of the Indian economy were sound. Exports from India were growing at 30 per cent and the country was also receiving foreign direct investment at a faster pace. Referring to the India-EU Free Trade Agreement under negotiation, Nath said although New Delhi had to suffer "more pain" in terms of reducing the customs duty, the country was ready for it. But it was for the EU members to push for an early conclusion of FTA with Brussels (EU Headquarters).
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