The Prime Minister, Dr Manmohan Singh, has said the situation in Europe is of particular concern as it accounts for a significant share of the global economy and is also a major trade and investment partner of India.
“Continuing problems there will further dampen global markets and adversely impact our own economic growth. It is our hope that European leaders will take resolute action to resolve the financial problems facing them,” the Prime Minister said in a departure statement.
Dr Singh left for the G-20 Summit in Mexico, from where he will travel to Brazil for the UN Conference on Sustainable Development, more popularly known as the Rio+20.
The Prime Minister also said the other issue of immediate concern was the need to revive global growth. He added that it is imperative that the G-20 countries work in coordination to implement policies that promote sustained growth.
“India has been pursuing this objective in its capacity as the Co-Chair of the Working Group on the ‘Framework for Strong, Sustainable and Balanced Growth’. I will stress the need to ensure the primacy of the development dimension in the G-20 deliberations and the need to focus on investment in infrastructure as a means of stimulating global growth,” Dr Singh said.
Pointing out that Brazil, Russia, India China and South Africa (BRICS) have been the growth poles of the global economy, Dr Singh said India, as the current Chair of BRICS, will host an informal meeting of leaders prior to the commencement of the G-20 Summit, to enable an exchange of views on the Summit’s agenda.
Though we had come a long way since the 1992 Earth Summit, the Prime Minister said we were still far from pursuing a “truly sustainable path” towards development. “The UN Conference on Sustainable Development is an historic opportunity to give meaningful content to the paradigm of sustainable development. At its heart lies the imperative of moving away from a resource intensive development path while ensuring inclusive and balanced development for eradicating the grinding poverty that afflicts millions,” the Prime Minister said.
Dr Singh emphasised that the cardinal principles of Rio 1992 must not be diluted. “Particularly the principle of common but differentiated responsibilities as well as equity, which were at the core of global sustainable development efforts. We must acknowledge the continuing differences in levels of development across the world, and the need for provision of financial and technological support to the developing world if we are to work together as a global community to address our most pressing environmental challenges. India will work with like-minded countries to forge a consensus in this endeavour,” he added.