At Cannes, Manmohan Singh stays firm on fuel price rise

Prime Minster Manmohan Singh said that India was happy that the G20 communique endorsed its call for increased banking transparency and exchange of information to combat tax fraud and evasion and other illicit flow.

We should move more and more in the direction of deregulation of fuel prices, the prime minister said.

These are sensitive areas and we should allow the market to follow its level, Singh said.

Singh said that India welcomed Pakistan granting most favoured nation status. However, he said that the status should have been done a long time ago.

Whether it is a reflection of a new mindset, we have to wait, the prime minister said.

India has a stake in orderly functioning of European markets and the Eurozone must put its act together, Singh said.

We have to create an environment that will give an
incentive to people to bring back illegal wealth stashed in foreign tax havens, Singh said.