Growth will be favoured over austerity

June 20, 2012

Los Cabos, June 20 (ANI): Secretary at India’s Department of Economic Affairs, R. Gopalan has said that the G20 summit in Mexico had seen a consensus among world leaders that growth could not be abandoned in favour of austerity measures. Gopalan told journalists at the Mexican resort town of Los Cabos where the summit was held, that if growth was compromised with, it would have a negative impact on many economies. At the end of the summit, Europe won support from world leaders for an ambitious but slow-moving overhaul of the euro zone, even as pressure built in financial markets for quicker solutions to its debt crisis that threatens the world economy.

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