india calls for fair trade rules india  which attends the g7 meeting of seven leading industrialised nations on friday  is unlikely to be cowed by its newcomer status.  in london on thursday ahead of the meeting  india s finance minister  lashed out at the restrictive trade policies of the g7 nations. he objected to subsidies on agriculture that make it hard for developing nations like india to compete. he also called for reform of the united nations  the world bank and the imf.  palaniappan chidambaram  india s finance minister  argued that these organisations need to take into account the changing world order  given india and china s integration into the global economy. he said the issue is not globalisation but  the terms of engagement in globalisation.  mr chidambaram is attending the g7 meeting as part of the g20 group of nations  which account for two thirds of the world s population. at a conference on developing enterprise hosted by uk finance minister gordon brown on friday  he said that he was in favour of floating exchange rates because they help countries cope with economic shocks.  a flexible exchange rate is one more channel for absorbing both positive and negative shocks   he told the conference. india  along with china  brazil  south africa and russia  has been invited to take part in the g7 meeting taking place in london on friday and saturday. china is expected to face renewed pressure to abandon its fixed exchange rate  which g7 nations  in particular the us  have blamed for a surge in cheap chinese exports.  some countries have tried to use fixed exchange rates. i do not wish to make any judgements   mr chidambaram said. separately  the imf warned on thursday that india s budget deficit was too large and would hamper the country s economic growth  which it forecast to be around 6.5% in the year to march 2005. in the year to march 2004  the indian economy grew by 8.5%.