India lauds G20 summit for providing platform

New Dehli: India's prime minister on Friday commended the Group of 20 for affording developing nations the kind of platform they sought tackle the severe global downturn.

"So I would say that there is a ray of hope that the world leadership of the leaders who matter have sat together, talked constructively, have come out with an outcome which should inspire confidence of the markets," Singh told a conference.

"But much work remains to be done. There are still many uncertainties about the depths of the recession, its possible length. So it will test everyone but a hopeful beginning has been made to tackle this problem."

Singh said he had been pessimistic about last weekend's meeting before he went, as developing nations had been invited to G8 meetings of developed nations before without their thinking having any impact on the outcome.

"I must confess that I was proved wrong. This meeting was very well prepared. For the first time the developing countries voice was heard with respect," he said.

G20 leaders from major industrialised and developing nations pledged steps to rescue the global economy from the worst financial crisis in over 70 years.

The plan forged at the summit included short-term action such as fiscal stimulus to boost domestic demand, aiming to restart world trade talks, and expanding a financial stability forum to emerging economies.