India wants concerted global response to counter slowdown: PM

New Delhi, Jul 7 (PTI) With the economic slowdown
affecting exports and impacting capital flows, Indian Prime
Minister Manmohan Singh on Tuesday 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 UK, Italy,
Germany, Japan and Angola. PTI SC
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