Updated at Thu, Nov 03, 2011 at 09:15
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The G20 summit kicks off in Cannes on Thursday under the shadow of escalating euro zone worries. World markets have been in turmoil after the Greek Cabinet backed the Prime Minister's call for referendum on EU debt deal. And now the 8 billion euro bailout has been held till that referendum takes place.
There is an acknowledgement from the Indian side that this summit is going to be even more challenging than the previous one because most countries at this point of time find themselves in different stages in terms of the recovery and the recession.
India is very clear, another stimulus package for the global economy is not going to be good news for emerging economies like India because that will mean that India imports inflationary pressure. Inflation continues to be the number one challenge as far as the Indian government is concerned.
Prime Minister Manmohan Singh making it very clear that there should be added funds given to emerging and developing economies to pull them out of the current difficult phase of growth and that whatever needs to be done to put the global economy back on track ought to be done post the G20 summit.
Source
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