Addressing the annual meeting of the industry chamber, CII, Singh said, India has a responsibility and a right to participate in the management of these global challenges.
"India's voice must be heard on such matters. Be it the management of the world food economy, be it the management of the energy economy, be it the management of financial system or indeed be it the management of global security," he said.
Pointing out the poor response to the ongoing energy crisis, he said the world oil demand rose by just one per cent per annum over the past two years, crude prices shot up by over 90 per cent in USD terms and 40 in Euro terms.
"I am deeply dismayed that the global response to this Third Energy crisis has fallen short of our expectations and compares poorly with the response to the first and the second oil crisis," Singh said.
He said the international community was also slow to come to grips with the now visible structural weakness in the functioning of international financial system.
"The management of financial sector in the developed economies, especially the US, has been less than satisfactory," he said adding the sub-prime crisis and recession there had consequences for the stability and sustainability of global growth.
He said the international financial institutions have also not played an active role in dealing with the problem and the consequences of the problem. "This too requires greater consultation between the G-8 countries and the so called G-5 countries," Singh said, adding India also adopted a similar global approach in combating climate change.
