Developing states key to solving financial crisis, says Manmohan

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TOKYO, Oct 22 (AFP): Indian Prime Minister Manmohan Singh called today for developing nations to play a role in resolving the global financial crisis, warning that the turmoil had effects across the globe.
Singh made his appeal on a visit to Japan, Asia's largest economy, where he was due to hold talks on securing an elusive free trade agreement.
"Developing countries like India are also affected by the crisis and have to be part of the solution," Singh told a luncheon with Japanese business leaders.
He said that India hoped to play a greater role in moves to step up surveillance of the global financial system.
The crisis was sparked when toxic assets overwhelmed some of Wall Street's biggest banks. But the Indian stock market has also been hit and is now trading 50 per cent below January levels.