Fuel pricing reforms will go ahead full throttle notwithstanding opposition from the BJP-led NDA and the UPA partners. After petrol, retail prices of kerosene will be deregulated to trim the deficit and restore fiscal balance. Cooking gas and kerosene will continue to be subsidised.

Regrouping and power rebalancing is under way at the G-20 while the G-8 is likely to turn into a strategy forum for developed countries led by the US, France and Germany.

Regrouping and power re-balancing at the all powerful G-20 is underway even as G-8 is likely to turn a strategy forum for developed countries led by US, France and Germany.

There is clear imprint of Prime Minister Dr Manmohan Singh on the final economic strategy approved by G-20 leaders of industrialised and emerging countries. G-20 that replaced G-8 as premier decision-making body endorsed differential economic strategy proposed by Dr Singh setting at rest the squabble as to continue or withdraw governments’ additional spending to consolidate fragile growth.

The withdrawal of economic stimulus packages by advanced countries like France, Germany and Great Britain may lead to double-digit recession, warned Prime Minister Manmohan Singh.

Group of 20 (G-20) leaders were unanimous in providing flexibility for member-countries to either continue with public spending and consolidate fragile economic growth or resort to austerity measures for keeping deficits under check.