PM blames developed world for economic crisis

Heading for the G8G5 summit in the Italian earthquakehit town of LAquila 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 worldThe 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 saidHe will arrive at the venue of the summit Wednesday evening via Rome LAquila is about 100 km northeast of RomeClimate 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 PlanHe 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 AfricaThe town was devastated by an earthquake April 6 this year that left nearly 300 dead over 1500 injured and about 60000 homelessWe 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 ministers statement saidManmohan Singh is also likely to hold bilateral meetings with United States President Barack Obama and other G8 leaders like those of UK Germany and ItalyThis will be an occasion for projecting Indias 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 saidAs part of the G8 related events the prime minister will also participate in meetingsof the Major Economies Forum MEF on trade matters climate change and food securityThe 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