New Delhi, Nov 2 (IANS): Prime Minister Manmohan Singh Wednesday called for a coordinated approach to spur global recovery and pitched for reform of international financial institutions as he left for Cannes in the French Riviera to attend the 6th G20 Summit.
At Cannes, besides attending the summit Thursday and Friday, the prime minister will have bilateral meetings with his host and French President Nicolas Sarkozy, British Prime Minister David Cameron, Australian Prime Minister Julia Gillard and European Union leaders Herman Van Rompuy and Jose Manuel Barroso.
Underlining the sovereign debt crisis in the Eurozone as "the principal source of concern for the global economy", Manmohan Singh said it was imperative that "decisions needed to address the economic challenges in Europe and elsewhere are taken swiftly".
Stating that the twin summits of the European Union and Eurozone a few days ago helped to restore a measure of confidence in the markets, the prime minister emphasised that "much more needs to be done".
"The Eurozone is a historic project. India would like the Eurozone to prosper, because in Europe's prosperity lies our own prosperity," he said.
"It is important for the Cannes Summit to signal a strong and coordinated approach to put the global economy back on track, while addressing medium term structural issues."
Alluding to the impact of eurozone recession on the Indian economy, the prime minister said: "Developing economies such as India need a conducive global economic environment to address the vast challenges they face."
"In an increasingly interdependent world, we have to be wary of contagion effects and the import of inflationary pressures in our economy."
The two-day summit Thursday-Friday is also expected to take stock of the progress on other matters discussed earlier, like mutual assessment of the fiscal policies of member nations and reform of the World Bank and the International Monetary Fund, officials said.
Manmohan Singh also made a strong pitch for reform of institutions of global governance, an issue which will figure prominently in the discussions at the summit.
"This is an issue of importance to India, and we will work with others to develop effective and representative global governance mechanisms and carry forward the process of reform of the international monetary and financial system."
The G20, originally formed at the level of finance ministers and central bank governors in 1999 after the East Asian economic crisis, assumed significance after its elevation to a summit-level forum in 2008, following the global financial crisis.
Like in the past five summits held in Washington, London, Pittsburgh, Toronto and Seoul, Planning Commission Deputy Chairman Montek Singh Ahluwalia will be the prime minister's sherpa, or chief interlocutor, during the meeting.
Besides India and host France, the G20 comprises Brazil, the US, Canada, China, Argentina, Australia, South Korea, Germany, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Britain and the European Union.
These members account for 80 percent of the global GDP and two-thirds of the world population. The prime minister returns home Saturday morning.