India’s Finance minister P Chidambaram has told the developed countries to concentrate on their own problems and invest time to think for the solutions of the problems. He said that the developed countries should stop lecturing the other growing economies what is right and what is wrong for these countries. New emerging economic giants such as India have been tired of being told what to do.
On the sidelines of the annual meetings of the International Monetary Fund and World Bank, India’s finance minister P Chidambaram said:
For too long the developed economies have told the developing economies that this is right and this is wrong for their economy.
For some times, India has been one of the critics of the current policies of World Bank and IMF. It has demanded for pushing some changes in the IMF to give the way to the growing economic strength of the developing countries in financial institutions.
Chidambaram lost the race to become head of the IMF’s steering committee to the Italian Economy Minister Tommaso Padoa-Schioppa. After the voting, Chidambaram said that in future these jobs should be opened to countries beyond Europe.
Chidambaram statement made in Washington holds greater importance because in present global economic context the markets of growing developing countries have become favorite destinations for multinational giants largely based in western countries. As far as India is concerned, the India Economy is being rated as among the top five economies in the world. It has toppled the countries like US to become the top-most favorite destination for investment purpose, next to China.
It has become possible only because of our own policies and our own resources. There is no need for India to hear the suggestions coming from the policy makers of developed countries.
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