UN General Assembly
2008

to expeditiously hold negotiations towards this end. Globalization has contributed to ever-widening circles of prosperity, and we in India have also benefited from it. But its benefits have not been equitably distributed. Ensuring inclusive growth within nations, and inclusive globalization across nations, is a central challenge facing us all. The development gains that many countries have made are today threatened by a possible food crisis, a global energy crisis and, most recently, unprecedented upheavals in international financial markets. The net impact of these problems is that both the industrialized economies and the developing economies face inflation and a slowdown in growth after several years of robust expansion. Industrialized countries can afford periods of slow growth. Developing countries cannot. There is therefore an urgent need for coordinated action by the global community on several fronts. The explosion of financial innovation unaccompanied by credible systemic regulation has made the financial system vulnerable. The resulting crisis of confidence threatens global prosperity in the increasingly interdependent world in which we all live. There is, therefore, a need for a new international