India pledges $10 bn to IMF for Eurozone

Editors' Picks

  • Be optimistic about Brazil, says Blatter

    Be optimistic about Brazil, says Blatter

    Be optimistic about Brazil, says Blatter

    By Stefanie McIntyre HONG KONG (Reuters) - FIFA president Sepp Blatter has encouraged fans to be optimistic that the World Cup in Brazil will be a success, amid growing concerns over security and public unrest as workers scramble to finish stadiums on time. "It is my 10th World Cup... and I can tell you I have never seen a World Cup that everything is ready, completely ready before the kick-off," Blatter told reporters in Hong Kong on Thursday. "Football, with more than 300 million active …

  • Dietmar Hamann: Manchester United should consider Rafa Benitez to replace David Moyes

    Dietmar Hamann: Manchester United should consider Rafa Benitez to replace David Moyes

    Dietmar Hamann: Manchester United should consider Rafa Benitez to replace David Moyes

    Former Liverpool player Hamann suggests Rafa Benitez for Manchester United job …

  • Rumour: Manchester United chasing PSG striker Edinson Cavani

    Rumour: Manchester United chasing PSG striker Edinson Cavani

    Rumour: Manchester United chasing PSG striker Edinson Cavani

    Manchester United are chasing PSG striker Edinson Cavani to join them in the summer …

  • David Moyes’ fate was sealed in today’s managerial circus show

    David Moyes’ fate was sealed in today’s managerial circus show

    David Moyes’ fate was sealed in today’s managerial circus show

    In the modern world of result oriented football, David Moyes didn't get the time required to build a side at Manchester United. …

  • Uruguay not among world's elite, says coach

    Uruguay not among world's elite, says coach

    Uruguay not among world's elite, says coach

    By Malena Castaldi MONTEVIDEO (Reuters) - Copa America champions Uruguay are fifth in the FIFA rankings, finished fourth at the 2010 World Cup and in Luis Suarez have one of the world's deadliest strikers, but coach Oscar Washington Tabarez does not rate his side among the elite football nations. We in Uruguay are not among the powers, not even in the South American region, and I think that’s the reason we find the qualifiers so hard,” Tabarez said on Wednesday. Uruguay scraped into three of …

  • Roy Keane could return to Manchester United

    Roy Keane could return to Manchester United

    Roy Keane could return to Manchester United

    Roy Keane could return to Manchester United for a second time. …

Los Cabos (Mexico), June 19 (IANS) India Monday pledged $10 billion to the International Monetary Fund (IMF) to help Eurozone countries out of the current crisis and prevent adverse fallout on emerging economies.

"The International Monetary Fund has a critical, supportive role to play in stabilizing the Eurozone. All members must help the fund to play this role," the prime minister told the G20 Summit here.

"I am happy to announce India has decided to contribute $10 billion to IMF's additional firewall of $430 billion," he said, also appealing to countries with surpluses such as China to make similar contributions.

The prime minister began by congratulating the new government in Greece that is about to take office, as it has given hope that the debt-laden country will stay in the Eurozone and take up critical reforms.

"We wish them well and are encouraged by the early statements of intent."

He, nevertheless, said the crisis in Eurozone remained worrying, as it was pulling down even emerging economies such as India and China, which were earlier on a high growth path.

"This calls for policy action on several fronts. Of greatest concern at present is the uncertainty affecting the Eurozone. The sovereign debt crisis and the banking crisis now on the horizon have grave implications for the health of the entire global economy."

The prime minister again laid emphasis on infrastructure investment as he had in earlier G20 Summits, saying less developed and emerging economies were also facing serious problems because of the global crisis.

"Infrastructure investment in developing countries assumes special importance in this context. It lays the foundation for rapid growth in the longer term, while providing an immediate stimulus for their economies and also for the global economy, by providing a robust source of demand."

But more infrastructure investment in developing world is only possible if they get access to long-term capital, he said, adding: "Multilateral development banks can play a major role in this context."

Efforts were underway in India to spruce up infrastructure with massive investment and ambitious targets, he said.

The prime minister said while the performance of the Indian economy, now growing at 6.9 percent as against 8.4 percent in 2010-11, may look good to the world outside, it was not enough and that citizens expected more.

"Yet the fundamentals of the Indian economy remain strong and we are confident of bringing back the rhythm of high growth of 8-9 percent per annum."

Most Popular Stories

  • 15 new Asian smartphone makers hoping to crush Samsung and Apple

    15 new Asian smartphone makers hoping to crush Samsung and Apple

    Tech in Asia
    15 new Asian smartphone makers hoping to crush Samsung and Apple

    Samsung is the world’s – and Asia’s – top smartphone maker. But there are a lot of rival phone-makers out there aiming to dethrone the likes of Samsung and Apple. That competition is especially strong ... …

  • Why I went in search of the erotica writer Mastram

    Grist Media

    A filmmaker remembers the heat and thrill this mysterious Hindi writer gave sexually curious boys in the 80s and 90s. But would he be able to find the man behind the heady pseudonym? …

  • Deepika's retro bun - only six steps away

    Deepika's retro bun - only six steps away

    IANS
    Deepika's retro bun - only six steps away

    New Delhi, April 22 (IANS) Actress Deepika Padukone is a sure shot winner when it comes to fashion and beauty, and most women want to ape her style. Grab a comb, clips and serum to achieve her retro bun hairdo, says an expert. Navyata from Hindi fashion channel FOMO (Fashion on My Own) shares how to create a retro bun inspired by Deepika: * Start by brushing your hair to detangle it so that it is easier to style. If you have frizzy hair, apply a small amount of serum to detangle and …

  • Aam Aadmi Kejriwal is richer than ‘crorepati’ Modi

    Yahoo India

    Kejriwal declared movable and immovable assets worth Rs 2.14 crore belonging to him and his wife, while Narendra Modi has declared assets worth Rs 1.5 crore. …

  • Heart attacks could soon be history

    ANI

    Washington, Apr 23 (ANI): Johns Hopkins scientists have found a way to block abnormal cholesterol production, transport and breakdown, successfully preventing the development of atherosclerosis, the main cause of heart attacks and strokes and the number-one cause of death among humans. The condition develops when fat builds inside blood vessels over time and renders them stiff, narrowed and hardened, greatly reducing their ability to feed oxygen-rich blood to the heart muscle and the brain. …