Manmohan Singh leaves for Seoul G20 Summit with new vision (Second Lead)

NEW DELHI - Prime Minister Manmohan Singh left for Seoul for the 5th G20 Summit Wednesday where he will not only articulate India’s new vision on global financial stability but also meet his host, South Korean President Lee Myung-bak, and other world leaders.

During the three-day visit, the prime minister is expected to articulate India’s stand on a new architecture that can sustain balanced growth cutting across rich, emerging and poor countries, officials said.

Apart from the main event, the Indian prime minister will also have a host of bilateral engagements.

The Indian delegation includes Planning Commission Deputy Chairman Montek Singh Ahluwalia, who will be the sherpa, or the key pointsperson, at the summit, National Security Advisor Shiv Shankar Menon and Finance Secretary Ashok Chawla.

The G20, originally formed at the level of finance ministers and central bank governors in 1999 after the East Asian economic crisis, has assumed significance after it was elevated to a summit-level forum in 2008 after the ongoing global financial crisis.

Besides India, South Korea, Brazil, US and Canada, the G20 comprises Argentina, Australia, China, France, Germany, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Britain, and the European Union.

Ahead of the G20 Summit, Manmohan Singh had said Monday that the world needed a new balance between deficit countries and surplus countries, referring to the US and China at the two ends of the spectrum shaking the currency markets.

“This group (G20) will, I sincerely hope, grapple with this issue of rebalancing growth by laying emphasis on faster growth in the countries which are described normally as developing world,” Manmohan Singh said.

“That balance has to be restored by paying more attention to development and the development potential, including infrastructure development and energy, infrastructure, and agricultural infrastructure in the poorer countries of the world.”