As the economic turmoil that began with the U.S. subprime mortgage crisis spreads beyond the U.S. and Europe, business leaders in the developing world are calling for world leaders to find a solution at the upcoming G-20 summit in Washington.

Though many have high hopes, some say it could take some time to stop the bleeding. Speaking by phone from London, SP Hinduja, chairman of the multinational Hinduja Group, said it would be difficult to stem the crisis in anything less than three years. He called for a more intensive restructuring of world financial markets to keep crises like this from happening again. “How many sectors will one bail out?” he asked. “How many companies will one bail out?”

Mr. Hinduja, whose company has holdings in banking, oil and outsourcing had an estimated $25 billion in sales, said that developed countries need to come up with a common solution at the G-20 summit that goes beyond quick-fix stimulus packages. He said that developing economies are looking to their developed counterparts to put in place tighter regulation of banks and financial markets, stronger oversight of financial institutions and making sure trade stays open.

“I would very much recommend that the developed world should not split like they did in the Iraq War,” he says. “This is a long term problem. It took Japan 10 years. It wouldn’t be possible to rescue world within the short term.”