Bangalore: The economies of developed
nations collapsed because of their "fragile" financial
structures but India and China withstood the impact of global
meltdown which was a "heartening" development, External
Affairs Minister S M Krishna said on Wednesday.
A day after India, Russia and China sought greater say
in the global financial bodies, Krishna said the G-20 grouping
of industrialised and major developing nations need not
necessarily meet in a developed country. Its meetings could
be hosted by major emerging economies as well.
"We did discuss financial slowdown and the adverse
impact it has had on our economies," he told a
'Meet-the-Press' programme, referring to his trilateral
meeting with Chinese counterpart Yang Jiechi and Russian
Foreign Minister Sergei Lavrov here.
"It has to be said even though most of the European
countries and most of the countries around the world have
registered negative growth, it is heartening to find that
India and China have registered a positive growth," he said.
He noted that China continues to grow at around 8 percent and we continue to grow at over 6 percent. "That shows
how fragile has been the financial structure in the developed
countries," the External Affairs Minister added.
"Developed countries have collapsed, their economies
have collapsed but developing countries like India and China
continue to have positive growth trajectory," he said.
Bureau Report
First Published: Wednesday, October 28, 2009, 19:03