Mukherjee calls for collective approach to deal with global crisis

NEW DELHI - Union Finance Minister Pranab Mukherjee on Monday said that we have learnt a lesson from the current global crisis that remedy lies in collective and corroborative approach-not in unilateralism

Addressing the Indo-US CEOs forum meeting, Mukherjee said: “In our anxiety to solve problem in one part of the World, we should not create greater problems in other parts of the World and more so in the Emerging Markets Developing Countries (EMDCs).

He further said that in infrastructure sector alone, the investment requirement is US dollar 514 billion for the Eleventh Plan (2007-08 to 2011-12), out of which almost 30 per cent of this investment is envisaged to come from private sources.

As far as Indo-US bilateral relations are concerned, he said that economic policy, finance and trade constitute important planks of our relationship.

Mukherjee said that for us, the US remains a prime source of investment, technology and an important trading partner.

He said that as we make efforts to increase investment in infrastructure, and give a fresh impetus to the manufacturing sector, the importance of our partnership with the US would increase.

“This mutually beneficial engagement would stimulate innovation, spur job creation, and promote sustainable and inclusive growth in our countries”, Mukherjee added.

He further said that we have set-up a Committee to consider the recommendations of the Indo-US CEO’s Forum under the Chairmanship of Deputy Chairmanship of Planning Commission and the Committee has already met twice.

Pranab Mukherjee said that Treasury Secretary Geithner and he launched the Financial and Economic Partnership when Geithner visited Delhi in April this year.

The Finance Minister said that the partnership would strengthen engagement in economic, financial and investment related issues.

He further added that both the countries are currently negotiating a Bilateral Investment Treaty and are committed to take further initiatives that will contribute to creating a more conducive environment for investment flows.

Mukherjee concluded his opening remarks by reiterating his Government’s as well as his personal commitment as the Finance Minister to look into the Forum’s recommendations.

The meeting was attended by US Treasury Secretary, Timothy Geithner, Commerce Secretary Gary Locke, Agriculture Secretary Thomas Vilsack from US side and Commerce and Industry Minister Anand Sharma, Deputy Chairman, Planning Commission Shri Montek Singh Ahluwalia from Indian side among others.

Besides, the meeting was also attended by the CEOs of different Indian Companies, and US part of Indo-US CEOs forum. (ANI)