Economic slowdown needs a concerted global response: PM

New Delhi, July 7 (PTI) Leaving for Italy to attend
the Summit of G-8 industrialised nations, India's Prime
Minister Manmohan Singh on Tuesday 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 U K, Italy,
Germany, Japan and Angola. PTI SC
RAI