PM arrives Frankfurt, Voiced concern about Eurozone

Frankfurt. In a shadow of downfall in growth rate and slowdown in Economy, Prime  Manmohan Singh arrived in Frankfurt today en route to attend the seventh G-20 Summit the Mexican resort town of Los Cabos on June 18.
Before leaving India, PM had voiced concern that continuing problems in the Eurozone will further dampen global markets and adversely impact Country’s own economic growth.
Talking about Standard and poor’s rating, Pm said that it neither impacts on its standing in BRICS, nor undermines its clout on the global high table, PM said.
“Standard and Poor’s does not determine what we at BRICS think about each other. They (S&P) have their own prism (of gauging an economy). But we remain a robust and a growing economy. That cannot be taken away,” he added. “Continuing problems there will further dampen global markets and adversely impact our own economic growth. It is our hope that European leaders will take resolute action to resolve the financial problems facing them,” he said.
He emphasised on the need to revive global growth.
“It is imperative that the G-20 countries work in coordination to implement policies that promote sustained growth. India has been pursuing this objective in its capacity as the Co-Chair of the Working Group on the ‘Framework for Strong, Sustainable and Balanced Growth’.
“I will stress the need to ensure primacy of the development dimension in G-20 deliberations and the need to focus on investment in infrastructure as a means of stimulating global growth,” he said.
Manmohan Singh will also visit Brazil to attend the Rio20 Summit in Rio de Janeiro.
On the Earth Summit in Rio, the Prime Minister said the cardinal principles of Rio 1992 must not be diluted, particularly the principle of common but differentiated responsibilities as well as equity.
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