Mumbai: Indian business leaders and regulators expect practical steps and commitments from governments in the coming G-20 conference, to be held in London.
For credibility: RBI deputy governor Rakesh Mohan. Ashesh Shah / Mint
G-20, or the Group of Twenty, is a club of finance ministers and central bank governors of the European Union and 19 countries, including Brazil, China, India, the US and the UK.
The group is set to meet on 2 April to address the global financial crisis.
Rakesh Mohan, deputy governor of the Reserve Bank of India (RBI), speaking at a pre-conference discussion here on Tuesday, arranged by the British High Commission, NDTV Profit and Mint, said commitments made at the G-20 conference should be credible so people would be convinced the group was working to help achieve a global turnaround.
Jamshed Godrej, chairman of Godrej and Boyce Manufacturing Co. Ltd, called for practical steps in a concerted effort by governments and monetary regulators to stimulate the world economy.
These efforts “must result in global markets starting to thaw”, said K.V. Kamath, managing director and chief executive officer of ICICI Bank Ltd, India’s largest private bank by assets. “Financial markets hold the key.”
Creon Butler, the UK’s deputy high commissioner to India, said he expects the conference to address a stimulus to the global economy through co-ordinated government and monetary measures, reforms of the financial system for the short and long term, and reforms of international financial institutions, including the International Monetary Fund and the World Bank in a way that would distribute more funds. India and China have a greater role to play, he added.