India wants concerted global response to counter slowdown: PM
With the economic slowdown affecting exports and impacting capital flows, Manmohan Singh said India wants a concerted and well- coordinated global response to address systemic failures and to stimulate the real economy.
By PTI |
NEW DELHI: With the economic slowdown affecting exports and impacting capital flows, Prime Minister Manmohan Singh today 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."
"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."
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