While the US-Russia confrontation over the conflict in Syria is likely to overshadow the two-day summit starting on Thursday in the Russian city, splits between emerging markets and the US over its winding down of stimulus and the slowing growth of India and other four BRICS countries are expected to remain in focus.
     
Brazil, India, Russia, China and South Africa - grouped in the informal BRICS bloc seen as an alternative economic powerhouse - all go into the meeting experiencing slowing growth, embattled currencies and huge capital outflows.

PM calls for orderly exit from unconventional monetary policies

Amid imminent phasing out of the fiscal stimulus by US Federal Reserve, Manmohan Singh has called for an ‘orderly exit’ from unconventional monetary policies being pursued by the developed world for the last few years to avoid damaging growth prospects of the developing world.
    
In a statement before leaving for the 8th G-20 Summit in the Russian city of St Petersburg, he also underscored the importance of the grouping of industrialized and major developing economies to promote policy coordination among major economies in a manner that provides for a broad based and sustained global economic recovery and growth.
    
The Prime Minister made a reference to orderly exit from unconventional monetary policies in the backdrop of splits between emerging markets and the US over its winding down of stimulus and the slowing growth of India and other four BRICS countries.
    
Singh said though there are encouraging signs of growth in industrialized countries, there is also a slowdown in emerging economies which are facing the adverse impact of significant capital outflow.

(Agencies)

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