Eurozone crisis will dampen markets,impact India: PM

He said the situation in Europe is one of particular concern as it accounts for a significant share of the global economy and is also India’s major trade and investment partner.

“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.

“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.

Singh said that BRICS countries (Brazil,Russia,India,China,South Africa) have been the new growth poles of the global economy. “BRICS leaders have agreed to work with the global community to ensure international policy coordination to maintain macroeconomic stability conducive to healthy recovery of the global economy.”

As current Chair of BRICS,India will host an informal meeting of BRICS leaders prior to the commencement of the G-20 Summit to exchange views on the agenda of the Summit.

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.

“We have come a long way since the Earth Summit in Rio in 1992. Environmental concerns today occupy the centrestage of global discourse. Yet,we are far from pursing a truly sustainable path towards development,” he said.

The Rio+20 conference is likely to debate complex and contentious issues such as green economy and sustainable development goals.

During his visit,the Prime Minister is expected to hold separate meeting with Russian President Vladimir Putin,German Chancellor Angela Merkel,French President Francois Hollande,British Prime Minister David Cameron,Canadian Prime Minister Stephen Harper,Chinese Premier Wen Jiabao,Sri Lankan President Mahinda Rajapaksa,Nepalese Prime Minister Baburam Bhattarai and other leaders.