Prime Minister Manmohan Singh on Tuesday hinted that India could not remain untouched by the financial turmoil in the United States.
“(The) fate of all countries is related to the international financial system. Our value markets are open to the world,” said Singh, who is on a two-day visit to France.
The Prime Minister also pointed out the ongoing financial crisis could impact India’s capacity to finance development projects.
Stressing on the urgent need to tackle the situation, he said India and China should be part of the solution-finding exercise and a new financing system holds the key.
“India and China carry (the) main responsibility to find a solution. (French President Nicholas) Sarkozy’s proposal for international meet on new financing system is important,” he added.
Speaking on the Free Trade Agreement with EU, Singh maintained the FTA was not a substitute for WTO negotiations and it was complimentary.