Even as India struggle to ward off the worst-ever economic crisis that has gripped the country, Prime Minister Dr. Manmohan Singh has pleddged $10 billion to the IMF to fight the Eurozone debt crisis.
Manmohan made the announcement at the G-20 summit even as countries like the US and the UK refused to give any aid. The Indian PM urged the G-20 countries to take stock of the situation and step in to resolve the crisis.
Dr. Singh further said that the declining economic growth in the Eurozone can affect the world economy in a more negative way; hence a positive approach is needed to avoid any worst kind of situation.
"The G-20 countries should send a strong signal to the markets that the eurozone countries will make every effort to protect the banking systems and the global community will back a credible eurozone effort and response.” But Europe would have to do its bit too, he said.