Addressing the plenary of the IBSA (India-Brazil-South Africa) summit, the prime minister said the debt crisis in Europe and the slowdown in the developed world, notably the US and Japan, were sending negative signals to the world's financial markets, which are showing signs of distress.
"Developing countries cannot remain untouched by the negative impacts of these developments. Their ability to address the developmental challenges have been adversely affected," the prime miniser said.
He said the G20, of which India, Brail and South Africa, are members has played an important role in the reform of international monetary and financial institutions. "We should coordinate our positions in the run-up to the G20 summit in France to ensure that the priorities of developing economies are adequately reflected."
Brazilian President Dilma Rousseff and South African President Jacon Zuma were also present.