PM blames developed world for economic crisis

Heading for the G8-G5 summit in the Italian earthquake-hit town of L'Aquila on Wednesday, Prime Minister Manmohan Singh blamed the developed economies for the present global financial and economic slowdown and adverse consequences of climate change being faced by the world.

PM blames developed world for economic crisis

"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 slowdown in the advanced economies has affected our exports, strengthened protectionists sentiments and impacted credit and capital flows," the prime minister said.

He will arrive at the venue of the summit Wednesday evening via Rome. L'Aquila is about 100 km northeast of Rome.

"Climate change will be an important subject of discussion. 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 historical responsibility. 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."

He will attend outreach meetings of the G8, the group of eight most wealthy and industrialized countries in the world, and also meetings of the G5, the group of five most emerging economies (China, India, Mexico, Brazil and South Africa).

The town was devastated by an earthquake April 6 this year that left nearly 300 dead, over 1,500 injured and about 60,000 homeless.

"We would therefore like to see a concerted and well coordinated global response to address systemic failures and to stimulate the real economy. In the longer run, we would like to see a much higher level of stability and sustainability in the growth patterns of the developed world, and in international financial governance," the prime minister's statement said.

Manmohan Singh is also likely to hold bilateral meetings with United States President Barack Obama and other G8 leaders like those of UK, Germany and Italy.

"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 reform of international institutions," the statement said.

As part of the G8 related events, the prime minister will also participate in meetings

of the Major Economies Forum (MEF) on trade matters, climate change and food security.

The prime minister said that 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."

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