Don't rush out of unconventional monetary policies: PM

September 04, 2013 10:07

Amid imminent phasing out of the fiscal stimulus by US Federal Reserve, Prime Minister Manmohan Singh today called for an "orderly exit" from unconventional monetary policies being pursued by the developed world for the last few years to avoid damaging growth prospects of the developing world.

In a statement before leaving for the 8th G-20 Summit in the Russian city of St.Petersburg, he also underscored the importance of the grouping of industrialised and major developing economies to promotes policy coordination among major economies in a manner that provides for a broad based and sustained global economic recovery and growth.

The Prime Minister made a reference to orderly exit from unconventional monetary policies in the backdrop of splits between emerging markets and the US over its winding down of stimulus and the slowing growth of India and other four BRICS countries.

Dr Singh said though there are encouraging signs of growth in industrialised countries, there is also a slowdown in emerging economies which are facing the adverse impact of significant capital outflow.

"I will emphasise in St Petersburg the need for an orderly exit from the unconventional monetary policies being pursued by the developed world for the last few years so as to avoid damaging the growth prospects of the developing world," he said.

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