Terming high global commodity prices a “grave threat”, the Finance Minister, Mr Pranab Mukherjee, has called for developing countries to increase their investments in agriculture to improve crop productivity.
“The recent commodity and food price rise and their volatility constitute a grave threat to economic growth and food security in our economies,” Mr Mukherjee said at a meeting of G-24 Finance Ministers here last evening.
He took over as the Chairman of the Group from the South African Finance Minister, Mr Pravin J. Gordhan, towards the end of the meeting on Thursday.
Comprising 24 developing countries from Asia, Africa and Latin America, the Group aims to ensure increased representation and participation of developing countries in negotiations on the reform of the international monetary system. Economic development and poverty alleviation, he said, are the challenge and the next few months would be crucial for the global economy.
“Increased investment in agriculture and productivity should be the strategic priority of G-24 to cool prices and provide food security to our people. There is a need to ensure transparency in commodity markets,” he said.
Rushes to meet PM
Mr Mukherjee is cutting short his visit here and rushing to New York to meet the Prime Minister, Dr Manmohan Singh, amid a storm back home over his Ministry's note to the PMO on the 2G scam.