“Growing India can help the world economy”

New York: As the global financial crisis deepened, Indian Prime Minister Manmohan Singh said a fast growing India can help the world economy, around which no protectionist barriers should be erected. Addressing the UN General Assembly, Singh said India wants to quicken the pace of its transformation in partnership with the international community.

“A fast growing India can expand the boundaries for the global economy,” he said, adding developing countries need investment, technology and market access for their products.

Despite global headwinds, Indian economy has been expanding close to 8 per cent, the second fastest growth in the world after China.

In the backdrop of protectionist measures in several developed countries, Singh called upon the international community not to let economic slowdown trigger barriers to movement of people, services and capital.

“We should not allow the global economic slowdown to become a trigger for building walls around ourselves through protectionism or erecting barriers,” he said.

Singh said the world economy is in trouble. “The shoots of recovery which were visible after the economic and financial crisis of 2008 are yet to blossom. In many respects the crisis has deepened even further,” he said.

The Indian Prime Minister also highlighted the need for reform of governance systems of international financial institutions, stating ‘deficit in global governance’ was one of the several things which can be done collectively.