The Hindu Business Line : ‘India wants concerted global response to counter slowdown’

NEW DELHI: With the economic slowdown affecting exports and impacting capital flows, the Prime Minister, Dr Manmohan Singh, on Tuesday said India wants a concerted and well-coordinated global response to address systemic failures and to stimulate the rea l 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 s aid 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, Dr 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. - PTI

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