Prime minister, Manmohan Singh has called for a concerted and well-coordinated global response to address systemic failures to kickstart the real economy.
In a statement before leaving for Italy to attend the two-day Summit meeting of G-8 industrialised nations starting 9 July, Singh said the global financial and economic slowdown is particularly detrimental to the development objectives of developing countries like India. He added that the crisis was not of India's making but the country had to bear its consequences.
He said that the slowdown in the advanced economies had affected India's exports, strengthened protectionist sentiments and impacted credit and capital flows. India would therefore like to see a concerted and well-coordinated global response to address systemic failures and to stimulate the real economy.
During his four-day stay in Italy, Singh will also attend a meeting of the 'outreach' countries including Brazil, China, Mexico and South Africa besides India, known as the G-5 group.
Singh said in the longer run, India would like to see a much higher level of stability and sustainability in growth patterns of the developed world and in international financial governance.
He added that it would be an occasion for projecting India's views on major issues concerning the economic and financial crisis and its impact on development, food security,energy security and climate change, international trade negotiations and reforms of international institutions.