Releases........pt1

Press Information Bureau

Government of India

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Prime Minister's Office                 

Prime Minister's statement prior to his departure for the G-20 Summit

New Delhi: September 23, 2009

 

Following is the text of the Prime Minister, Dr. Manmohan Singh's statement prior to his departure for Pittsburgh, USA for the Summit of G-20 Leaders:

 

"I leave today to attend the Summit of G-20 Leaders in Pittsburgh, USA. This is the third Summit of the G-20 Leaders in less than a year. This reflects the seriousness which the G-20 countries attach not just to the recovery of the global economy and financial system, but to a recovery that is coordinated, sustainable and enduring.

 

The Summits in Washington and London were convened at the height of the global economic crisis, and therefore focused on the urgent and the immediate. The London Summit resulted in ambitious liquidity stimulus measures and growth packages. Importantly, it pledged to mobilize USD 1.1 trillion of resources for international financial institutions, largely to sustain growth in emerging markets. The steps taken by the G-20 to augment the resources of multilateral development banks have led to substantial stepping up of World Bank lending to India.

 

The global economy and financial markets have shown a distinct improvement since then, but we are still not out of the woods.

 

Even though our economic growth rate has slowed to 6.7% in 2008-09, India approaches the Pittsburgh Summit with a sense of confidence. Our growth is primarily driven by domestic demand, our savings rate is robust and the external sector has exhibited resilience. Capital flows, especially portfolio flows, have started picking up, and we remain an attractive investment destination.

 

The Pittsburgh Summit is expected to focus on medium and long-term issues such as a framework for sustainable and balanced growth, strengthening the international financial regulatory system, reforming the mandate mission and governance of the IMF and development banks, strengthening support for the most vulnerable, an open global economy and energy and climate change.

 

It is necessary for India to engage in the management of the world economy because we have a lot at stake, and a lot to contribute.

 

I will convey India's interest in seeing the earliest possible return to trend growth and stabilisation of the banking and financial sectors in the advanced economies, because this directly affects our exports, capital inflows and investment. We would like to see a continuous increase in the capital base of multilateral development banks to finance the massive infrastructure needs of emerging markets.

 

The expansion and strengthening of the erstwhile Financial Stability Forum, and now the Financial Stability Board, and the Basel Committee on Banking Supervision was a step in the right direction to address the regulatory aspects. There is a need to carry the process of governance reform of international financial institutions further to give greater voice and representation to under-represented countries.

 

We would also like to see a strong message to emerge from Pittsburgh against protectionism in all its forms, whether trade in goods, services, investment or financial flows.

 

The G-20 process is a continuing one and it is in our interest to ensure that it succeeds both in its short term and long term objectives.

 

During the Summit I look forward to exchanging views on these and other matters with several of the leaders who will be present, including the new Prime Minister of Japan."

 

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Press Information Bureau

Government of India

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Ministry of Tourism                        

Incredible India Events begin in Russia, as part of celebration of the "Year of India in Russia"

New Delhi: September 23, 2009

 

The Ministry of Tourism, Government of India in association with the Indian Mission in Russia and Experience India Society is organising Incredible India Events in Russia from October 22-27, 2009 as part of celebration of the "Year of India in Russia". The primary objective of the Incredible India Events is to showcase the tourism potential of India and to place India as favoured destination for the Russians.

 

The highlight of the Incredible India Event is an India Evening at the Ritz Carlton Hotel, Moscow on September 22, 2009 and at the Grand Hotel Europe, St. Petersburg on September 24, 2009. ICCR will be putting up cultural performance of leading Indian artist, Ms. Tanusree Shankar, to showcase India's rich culture during India Evenings organized at both cities. The India Evenings will be followed by a four day long India Food Festivals at the respective cities. A team of twelve top chefs from India's premier hotel chains have been specially flown to Russia to popularize the best of Indian cuisine in Russia.

 

The Ministry of Tourism is also participating in the Otdykh Leisure Show 2009 in Moscow by putting up an India Pavilion covering an area of 100 Sq Mt. The Show opened in Moscow on 22/09/2009 in which the India Pavilion was inaugurated by Shri Sanjay Kothari, Additional Secretary –Tourism, Government of India in the presence of travel partners from India.

 

For providing wide publicity for the Events in Russia, an integrated outdoor advertising campaigns and Print Media campaigns have been launched by Indiatourism Office, Frankfurt in Moscow and St. Petersburg.

 

Tourist arrivals from Russia to India is showing a steady growth. In the year 2008, India received a total of 91,423 tourists from Russia as against 75543 in 2007.

 

The Incredible India Events provides an effective platform for showcasing Indian culture, cuisine and myriad tourism products to a large gathering of elite audience in Russia. Russia is an important source market for Indian tourism, reflecting high growth rate over the last few years and it is expected that this growth will increase still further.

 

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