India will take a stand against the United States and European Union?s protectionist policy at London summit, which they have taken after being hit by recession, said external affairs minister Pranab Mukherjee at the 108th annual general meeting of Bharat Chamber of Commerce in Kolkata.
Although the leaders of the group of 20 had earlier met in Washington to find out ways of fight the global slowdown, the meeting was absolutely ?like trying to find a black cat in a dark room.?
He said India welcomes the $ 7 billion US bailout package to bankers but it should flexibility to American and European investors to invest abroad.
The World Bank and IMF is prescribing the US and the Europe to increase liquidity in the domestic market, along with effective governments control. But the global economic trends do not agree to a regulated economic regime.
?Economy, world wide is being de-regulated and will be more so in the future. The World Bank & IMF needs reform to manage the current global economic crisis,? Mukherjee said.
?In the London summit we will clearly say, please don?t be protectionist. Protectionism might be of immediate short term help to the US and EU but it will not help these nations in the long run,? Mukherjee said. India?s concerns are that American protectionism will lead to FDI squeeze, affecting the country?s infrastructure sector.
?We agree that there is a need of enhanced public investment in the infrastructure sector but the government cannot do everything,? Mukherjee said. India is looking for FDI in projects like the India?Myanmar?Thailand tri-nation road, the Delhi?Ho-Chi-Minh City (Vietnam) via Kolkata road and such projects would actually fructify India?s look east policy vis-a-vis Asean?s look west policy.