The global recession dominoes continued to fall over the weekend, paying little attention to the ridiculously tame G-20 summit and its lukewarm resolve to tax less and spend more. Japan became the latest casualty of the credit debacle's ripples which have spread around the globe several times over by now.
It did not take long after the German economy was declared to be in a recession, for the rest of the E.U. to have the same label applied to it as well. Like that came as a surprise to anyone. The Washington summit of those who represent 90% of the world's economy will now start to look more like a fretful session the rescue capitalism's wreckage than a caviar on blini-laden jamboree. The UN Secretary General has warned the participants that although some 170 countries are not going to be represented at the meeting, the fate of hundreds of millions lies in the hands of the world's economic elite, and that if they fail to right this severely listing ship, the outcome will not be very pleasant on the social front.
The financial crisis affords India an opportunity to punch above its current economic weight. This article urges India to support globally coordinated actions to help limit the economic downturn. Most importantly, India should call for a strong political commitment by all countries to keep markets open and refrain from taking protectionist action.