With the economic slowdown affecting exports and impacting capital flows, Prime Minister Manmohan Singh today said India wants a concerted and well- coordinated global response to address systemic failures and to stimulate the real economy.
"The global financial and economic slowdown that we are witnessing is particularly detrimental for the development objectives of developing countries such as India. This has not been a crisis of our making, but we have had to bear its consequences," he said in a statement before leaving for Italy to attend the two-day Summit meeting of G-8 industrialised nations beginning July 9.
"The slowdown in the advanced economies has affected our exports, strengthened protectionist sentiments and impacted credit and capital flows. We would, therefore, like to see a concerted and well-coordinated global response to address systemic failures and to stimulate the real economy," the Prime Minister said.
During his four-day stay in Italy, Singh will also attend a meeting of the leaders of the G-5 group of 'outreach' countries comprising Brazil, China, Mexico and South Africa besides India.
The Prime Minister said, "In the longer run, we would like to see a much higher level of stability and sustainability in growth patterns of the developed world, and in international financial governance."
Singh said this will be an occasion for projecting India's views on major global issues relating to the world economic and financial crisis and its impact on development, food security, energy security and climate change, international trade negotiations and reforms of international institutions.
As part of the G-8 related events in the Italian city of LAquila, the Prime Minister will also participate in the meetings of the Major Economies Forum on Trade Matters and Climate Change, as well as a meeting on food security being organised by Italy, in which several African nations will be joining.
Singh said the issues of food security, energy security and climate change were closely interlinked. "They have to be approached as a single undertaking if we are to give meaning to the concept of sustainable development."
Noting that climate change will be an important subject of discussion, the Prime Minister said, "It is the developing countries that are the worst affected by climate change. What we are witnessing today is the consequence of over two centuries of industrial activity and high consumption lifestyles in the developed world.
"They have to bear this historic responsibility," he said, adding that India will actively participate in the international negotiations on climate change within the framework of the United Nations Framework Convention on Climate Change and the Bali Action Plan.
During his stay, the Prime Minister will have bilateral meetings with the leaders of the U K, Italy, Germany, Japan and Angola.
