Leaving for Italy to attend the Summit of G-8 industrialised nations, Prime Minister Manmohan Singh today said the economic slowdown needed be dealt with by a concerted and well-coordinated global response addressing systemic failures and stimulating the real economy.
"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," he said in a departure statement.
Singh said, "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."
The two-day G-8 Summit begins on July 9. 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."
India, Singh said, will be projecting it 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 visit, the Prime Minister will have bilateral meetings with the leaders of the United Kingdom, Italy, Germany, Japan and Angola.
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