Proud that the world was eager to hear India out on all global issues, Singh said he was not sure how long the domestic economy would face the wrath of the credit tsunami that originated in the US and Europe. “The crisis is not of our making. It (how long the crisis lasts) depends on how long it takes the world community to restore confidence in global financial markets,” he said.

Significantly, India and China seem to have closed ranks in putting across Asia’s concerns and ideas as the world looks at tightening the regulatory and supervisory framework of the global financial system. Both Singh and China President Hu Jintao are actively considering US President George Bush’s invitation to be part of the Group of 20 emergency meeting on the crisis on November 15.

Singh said, “I discussed this issue with Chinese President Hu Jintao. Both of us agreed that this is a crisis in which India and China should remain in contact and even work with like-minded countries to find pragmatic solutions to the problems that have arisen. But I will take a final call after discussing this with my colleagues when I go back.”

Expressing regret that Ratan Tata had to pull out of his Nano car project from West Bengal, Singh said, India has to industrialise to find solutions to its employment or development problems, but added this cannot be on the back of poor farmers. “There should be an increasing attempt to reward farmers appropriately, also perhaps giving them a stake in enterprises which come into existence on the land acquired,” he said.

... contd.