The G20 summit in Washington on the economic crisis has ended and the Prime Minister Manhoman Singh has said that it is the first time that developing countries like India have been genuinely heard and taken seriously on matters of the global economy.

But the G20 declaration warned that economic momentum is slowing substantially specially in the major economies. And that – global outlook has weakened.

The prime minister was the ambassador for emerging countries whose message was plain – emerging economies cannot be ignored in today's globalised world. He warned the summit that emerging economies are worse off than the developed countries which was unfortunate because the crisis was not of our making.

US President George W Bush came out from the G20 summit satisfied with having preserved the free market economics principles, but he hinted that still more work to be done to battle economic crisis.

Over five hours and two meals, the so-called Group of 20 countries that account for 90 per cent of the world's output agreed to:

- Greater oversight and regulation of financial markets

- To take no action to restrict trade.

- Reform international financial institutions such as the World Bank and the International Monetary Fund.

- And that developing countries should have more say in the weighted voting structure of the IMF, a provider of emergency loans to countries in need?

The good news for emerging markets like India is that the World Bank and the IMF will continue to expand credit for development goals and that President Bush has warned global leaders against protectionism.

But those hoping for an immediate solution to the on going economic crisis are left wanting. After all as president Bush said the crisis did not develop over night and it will not be solved over night.