Asia needs multiple centres of growth: Pranab Mukherjee

Finance minister Pranab Mukherjee has endorsed the Asian Development Bank's stance that multiple sources of growth are needed to sustain the Asian region's growth momentum and to ensure inclusive growth.

Addressing a luncheon meeting on G20 issues, organised by the French G20 presidency, at the annual general meeting of the ADB in Hanoi, Mukherjee said the Asian Development Outlook 2011 has aptly talked about the need to foster new sources to sustain the region's future growth.

"Inclusive development that leads to multiple centres of growth is one of the most important structural reforms that the world needs to achieve and this issue acquires particular salience here in Hanoi where we are meeting for the AGM of the ADB, which has the primary goal of creating an Asia Pacific region free of poverty," Mukherjee said.

G20 leaders meeting in Hanoi, meanwhile, asked all countries to stand ready to sign tax information exchange arrangements when called upon by all relevant partners.

The G20 finance ministers, at their recent meeting in Washington, have asked the Global Forum to report on ways to improve effectiveness of exchange of tax information.

"There is an urgent need to make much more progress on exchange of tax information. I am certain that the French Presidency will take this important issue also as a priority of G20 and deliver important outcomes to make Tax exchange information truly meaningful," Mukherjee said.