India cautioned developing nations against protracted recovery

India today expressed its concern at rising food prices and warned the developing world to be vigilant of spillover effects of protracted recovery in the global economy, as the revival is taking more time than anticipated.Addressing meeting of G-24 countries here, Finance Minister Pranab Mukherjee also called for shifting more voting power in favour of emerging market economies in IMF as they represented around 47.5 per cent of global economy, but have only 39.5 per cent share in the multilateral lending body.

“Recent developments in the global economy indicate that that resumption of self-sustaining growth may be more sluggish and protracted than anticipated,” he said.

Pointing out that major concern is the employment situation, he said a jobless recovery has put millions of lives on hold.

“Poverty has actually increased in many parts of the world.


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