India should finance Eurozone crisis: Hinduja
London: Countries such as India and China should help finance the Eurozone debt crisis in return for investment in their own countries, S P Hinduja, leading NRI entrepreneur and Chairman of the Hinduja Group has said.
In a letter addressed to leaders of the G-20 meeting to be held at Cannes in France, Hinduja urged them to adopt a “two-way street solution” to the current financial crisis. He said, “The foremost need is to urgently bring about an understanding among the Eurozone leaders to deal with the sovereign debt crisis of its members.”
“The emerging economies, such as India and China, can significantly contribute to the easing of the crisis. For example, India plans USD 1 trillion worth of investments in infrastructure in the next five years, creating job opportunities for its economic partners,” he said. With its population of 1.2 billion and an expanding middle-class, India has immense consuming power potential, he said.
Referring to the two-way street solution, Hinduja said “implementation of infrastructure projects in developing countries with investments or export credits from developed countries will yield dividends for both investor and recipient countries.” It would also help in poverty alleviation in developing countries that, in turn, will reduce the dangers of internal and external conflicts, he added.
“In implementing such infrastructure projects, he said, the focus should be on inclusive growth, employment and fast delivery of benefits to the common man,” Hinduja suggested.