BRIC economy bigger than US: Pranab Mukherjee
London: The G20 Finance Ministers will meet on Saturday in London to discuss trade, protectionism and climate changes. Indian Finance Minister Pranab Mukherjee is confident that India cannot be ignored anymore by the developed economies of the world.
"BRIC (Brazil, Russia India and China) countries total GDP is little more than US GDP. US is about $13+ trillion. BRIC countries together are more than $14 trillion. Therefore the emerging economic entities cannot be ignored," said Mukherjee after landing in London.
Later in an interview to CNN's Richard Quest Mukherjee said that there is a need to regulate markets without indulging in protectionism.
When asked about the strong view that bankers' bonuses need to be dealt with and there need to be more regulation of the financial world Mukherjee replied, "We shall have to strike a balance. First of all, I would like to emphasise on... in the name of the financial regulation and to regulate the markets and as I started off, I mentioned protectionism need not come. Yes, there is a need of regulating the financial market."
Mukherjee on Friday met his counterparts from Brazil, Russia and China ahead of a G20 Summit in London.
Finance Ministers of the G20 nations are preparing the ground for the G20 Summit of Heads of State and Government in Pittsburgh later in the month.
The G20 comprises 19 countries Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the US.
The European Union, represented by its rotating presidency - currently Sweden - and the European Central Bank, is the 20th member.
London: The G20 Finance Ministers will meet on Saturday in London to discuss trade, protectionism and climate changes. Indian Finance Minister Pranab Mukherjee is confident that India cannot be ignored anymore by the developed economies of the world.
"BRIC (Brazil, Russia India and China) countries total GDP is little more than US GDP. US is about $13+ trillion. BRIC countries together are more than $14 trillion. Therefore the emerging economic entities cannot be ignored," said Mukherjee after landing in London.
Later in an interview to CNN's Richard Quest Mukherjee said that there is a need to regulate markets without indulging in protectionism.
When asked about the strong view that bankers' bonuses need to be dealt with and there need to be more regulation of the financial world Mukherjee replied, "We shall have to strike a balance. First of all, I would like to emphasise on... in the name of the financial regulation and to regulate the markets and as I started off, I mentioned protectionism need not come. Yes, there is a need of regulating the financial market."
Mukherjee on Friday met his counterparts from Brazil, Russia and China ahead of a G20 Summit in London.
Finance Ministers of the G20 nations are preparing the ground for the G20 Summit of Heads of State and Government in Pittsburgh later in the month.
The G20 comprises 19 countries Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the US.
The European Union, represented by its rotating presidency - currently Sweden - and the European Central Bank, is the 20th member.
