India made development a world issue: PM

The issue of development has captured the world’s attention because of India, prime minister Manmohan Singh said on Friday.

Speaking to journalists on his way back from the G-20 summit at Seoul, he also said that the summit was “very fruitful’’ since it resulted in many concrete outcomes.

“Completion of the second stage of IMF quota reforms and restructuring of the executive board of the body with new and more flexible credit lines may soon happen,” he said.

With development now firmly established on the G-20 agenda, a high-level panel has been mandated to look into ways of financing infrastructure development in developing nations using public, private and semi-private means.

“That is a very positive outcome,” said Singh. The macroeconomic mutual assessment process (MAP) will be reviewed in the next G-20 meeting, he added. MAP had been a major aspect of India’s deliberations within the G-20 process. It is aimed at bringing down current account deficits artificially created by developed economies.