India’s PM Manmohan Singh Leaves for Russia to Attend G20 Summit
Prime Minister Manmohan Singh left for St. Petersburg on 4th September, 2013 to join other leaders at the G20 Summit and find ways to tackle the challenges faced by the global economy, especially the turmoil in currency markets.
Apart from attending the summit and holding bilateral talks, the visit will also afford an opportunity to the prime minister to meet with leaders from Brazil, Russia, China and South Africa, which collectively form the BRICS nations. The prime minister returns Saturday.
The dispute between Russia and the US over the conflict in Syria is likely to overshadow the two – day summit starting 5th September, 2013 in the Russian city, splits between emerging markets and the US over its winding down of stimulus and the slowing growth of India and other four BRICS countries are expected to remain in focus.
The Indian rupee has lost one – fifth of its value against the US dollar this year following major capital outflows triggered mainly due to the moves by the Fed Reserve. India is also suffering a decade-low growth and GDP rose just 4.4% in the first quarter this fiscal, the weakest performance since 2009.
Theme of 8th G20 Summit
The main theme of the 8th G20 Summit is starting a new cycle of growth through quality jobs and investment, trust and transparency and effective regulation. The past summits were held in Washington, London, Pittsburgh, Toronto, Seoul, Cannes and Los Cabos.
Besides India, the G20 comprises of the following countries :
- Saudi Arabia
- South Africa
- South Korea
- United States
Originally formed at the level of finance ministers and central bank governors in 1999 after the East Asian economic crisis, the G20 assumed significance after its elevation to a summit – level forum in 2008, following the global financial crisis.
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