The leaders of the 20 largest economies of the world, representing 85 percent of the world economy, met on 2 April 2009 to discuss the measures required to rescue the world economy out of the most serious crisis of the last 50 years. The real purpose of the meeting was to bail capitalism, the free-market economy and globalization out of the crisis, which is growing by the day and threatening to be as serious as the Great Depression of the late 1920s.  

The leaders of G20 committed $1100 billion (Rs 55,00,000 crores), as much as the annual GDP of India, to come out of the crisis. By the end of the next year, the total bail-out of finance capital and other monopoly institutions in these 20 countries is expected to reach $5000 billion (Rs 2,75,00,000 crores). The cost of this massive bail-out of the biggest capitalists of the world and their institutions, equal to nearly 15 percent of the world's annual GDP, will be paid by the toilers of every country of the world for many years to come.

The summit was preceded by a number of large protests in London by people from all across Europe and England protesting against the bail-out of rich with the money of the people. ‘Put People First' was the underlying motto of the demonstrators carrying banners that read, ‘Jobs, Justice and Climate'. More than 150 trade unions participated in the protest and presented a “People’s Charter”. The summit confirmed the worst fears of crores of people all over the world - its conclusion reflected a total absence of any assistance to people who have lost their jobs, homes, health-care and pension benefits. The summit only focused on taking care of the interests of the bourgeois class it represented.  

The declaration at the conclusion of the meeting, on behalf of all the leaders, gave the impression that the crisis would be resolved by the end-2010 through the concerted actions by all the member countries of G20 and the notorious IMF. A number of steps were announced to increase capital flow and international trade with the help of the same agencies which have wreaked havoc in numerous countries in the past through their policies.
The declaration also announced stricter regulation of some of the finance capital institutions like large hedge funds, rating agencies, etc. A new institution, the Financial Stability Board, has been created to 'provide early warning of macroeconomic and financial crisis'. It is therefore obvious that these leaders of the capitalist world are indirectly admitting that more crises will occur in future.

The meeting was attended by Prime Minister Manmohan Singh along with US President Obama, UK Prime Minister Brown, Chinese President Jintao  and the leaders of Russia, Germany, France, Italy, Holland, Spain, Turkey, Czech, Brazil, Mexico, Argentina, Japan, South Korea, Thailand, Indonesia, Saudi Arabia, Australia and South Africa. The meeting was also attended by the heads of United Nations, IMF, World Bank and WTO.
The declaration clearly states the ideology of G20: "We believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions." The UPA government has therefore reconfirmed its policy of globalisation by agreeing to the declaration.

According to the G20 leaders, the "major failures in the financial sector and in financial regulation and supervision were fundamental causes of the crisis." and not the fundamental contradiction of capitalism - socialised production but private appropriation.

The collaboration of the biggest imperialist powers was evident when they declared, "We will conduct all our economic policies cooperatively and responsibly with regard to the impact on other countries and will refrain from competitive devaluation of our currencies and promote a stable and well-functioning international monetary system."

Manmohan Singh had no difficulty in committing to surrender the country's sovereignty when he agreed, "We will support, now and in the future, to candid, even-handed, and independent IMF surveillance of our economy and financial sectors, of the impact of our policies on others, and of risks facing the global economy."
IMF policies have meant cutting down all subsidies and spending on social sector, including health, to reduce the deficit of the government. So, irrespective of which Front comes to power, the economic policy and direction of the country is already decided.

The big bourgeoisie of the country has already made it clear that it wants the new government to focus on restoring GDP growth rate (thereby their profit growth rate) and take all the required steps towards it. This means more concessions must be given to them to revive falling demand of goods. This means cheap credit and plenty of capital must be made available to expand, both, within the country and outside the country. This means the burden of the crisis must be passed on to the people so that the profits of capitalists keep growing.