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India On Media |
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| Politics
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| PM warns G20 fiscal stimulus |
| PM warns G20 fiscal stimulus is too small
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| UNITED STATES OF AMERICA
, 2-April-2009
2:0:51 AM |
| Prime Minister Manmohan Singh on Thursday warned that the G20 countries were not doing enough in the short term to revive the global economy. To ensure that the global GDP grows at least by two per cent in 2010 from an unavoidable decline of 1 per cent this year, all countries must spend more, preferably in a coordinated fashion.
"What is currently planned for 2010 may be too little. It does seem that the risks lie in doing too little rather than too much, and we are not doing enough to ensure recovery in 2010," he told global leaders at the official dinner hosted by United Kingdom Prime Minster Gordon Brown on April 1.
Singh, in fact, came out in strong defense of the trillion dollar bailouts of banks and financial institutions in the United States, Europe and Japan, despite public ire on the reprehensible behaviour on the part of managements of financial institutions. "However, it has to be explained to taxpayers that anger should not come in the way of efforts to resurrect the system," he said.
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