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"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.
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In this interdependent world the nature of our torments has also turned globalized.The question no longer remains blaming each other.We are already in a phase where the survival of each depends upon the survival of all.If Indian PM raises the questions of global nature in the right perspective it is a thing of pride for all Indians.Manmohan Singh has an impressive style of formulating the most complex questions in precise and simple way.He is raising the pressing need of restructuring all our relations as Gorbachev has done earlier.
Till the other day (elections) this gentleman used herald everything happeining here. Now after having done all the pluses and minus in the balance sheet and having dumped the real situation of the economy to fool poeple, he has started feeling the heat as he and his team can not continue to manipulate figures for too long. They have created havoc with the fiscal deficit and to win elections threw money into water like any thing. Petrol prices are back, inflation in real terms is out of control as prices of commodities instead of comming down are rising. Same is case with dal, chawal and atta. Being getle can not do any good as people might have expected.
He may be right...but beggers are not the choosers.If developed countries are responsible, we have to bear the brunt. Do we have a way??But it is a surprise to see such comments from a PM who was a FM once. Where were his skills and knowledge?
An advanced country like India..blaming its woes on the western countries. First fix your economy -- fix the babus, the evil bribes, fix the security situation where industrialists are kidnapped and women are raped, fix the country so that they are consumers of goods as well. I find it difficult to invest in India without the convoluted process, buy a home without the black money, get a job without declaring ones age etc. India itself can be a big economy for itself and for the people...
Obviously, this is not an official statement from GOI despite PM is making it, because he goes to Italy and blames developed world, whose agent is Ms Sonia Gandhi. The victory of 2009 has lossened the strings on the PMs tongue as if he won a parliamentary seat and hence the election. And Oh my...if your vision is 2020 with such a clear hindsight, why were you sitting idle from 04 to 09? India should be the richest nation with highest per capita income by now!!! Instead these congressis are hell bent after sacrificing best performing BJP CM of Gujarat, which has highest per capita income in India!!! Politics and yadi yadi ya.....chalta hai,,,dog is barking...!!! dumbocrazy!!! and that's why "mera bharat mahan"
ABSOLUTELY CORRECT DEVELOPED COUNTRIES,USA/EUROPE CREATEDBANKING PROBLEMS/LEVERAGE ETC ,AMERICANS AND EUROPEANSARE NOT HARD WORKING,THEY LIKE TO ENJOY LIFE,NOW THEYSHOULD SUFFER,BANKING SYSTEM WAS TOTALLY WRONG,CREDITCREDITCARDS LOANS SHOULD NOT BE SANCTIONED SO EASILY PEOPLE SHOULD THINK AND SPEND ORELEE THIS WILL KEEP HAPPENING ANOTHER BLOW WILL HAVE SERIOUS PROBLEMS,SO WISE IS EVERYONE SHOULD WORK HARD SPEND SENSIBILYAND BORROW/SPEND WHAT ONE IS WORTH AND ABLE TO PAY.ROGER/TAIWAN
Globalisation of the economy has been the watchword of the Manmohan Singh government. Anyone, who criticized it, is branded an iconoclast. Now that India's growth story is getting a beating because of the drying up of lucrative foreign markets for its goods and services, Mr.Singh is blaming the global economic meltdown solely for his government's economic woes. It is time the wise economist pondered on the unwise almost total dependence on the export of goods and services for the country's economic growth. These exports have been not only bringing in huge revenues, but also have been creating a class of people with high disposable income who were propelling a domestic market for real estate and luxury goods resulting in a high GDP growth. With foreign markets drying up, Mr.Singh's government sees trouble brewing on all fronts. The first thing it wants to do now is to blame others for its problems. Please own up your mistakes, Mr.Singh, and act
I am extremely surprised at such foolish comment s commenting from supposed ‘experts’. What does he mean ‘this crisis was not of our making’? What crises can an assortment of poor, puny economies make in the world? Of course when you are the follower of the west depending on them from cradle to grave for everything, you have to suffer when they go down. Are you some sort of ‘chosen people’ that only good and no bad happen to you? To the contrary, from the looks of your extremely hopeless region, looks like you are the ‘rejected people’. Forget about money, when your people are killed in broad daylight, you go crying to the big daddy. Look at India’s greedy corporate heads. When dollar was at 40 rs. They wanted people to work on Saturdays. No when it is 50, they are maintain a beautiful silence.
It would be better if we stopped blaming each other and ponder over the situation as to what went wrong and where.We can only overcome this hurricane if we have a desire to fight not to blame.
On hindsight it is easy to pontificate and castigate, it is not easy to determine how much of it is rhetoric and how little is fact. At good times India was gunho about exporting to the West, as if there is no tomorrow and was busy making vast sums of monies while the sun was shinning,there were no complaints then.
You are right Mr. PM................but whom we can blame, if we still continue to blindly follow the werstern phylosophy for social and national advancement?