Ahead of the G-8 summit, PM Manmohan Singh lashed out at the international financial institutions and others at their "lethargy" in dealing with the current global crisis over the oil and food prices.

The PM mooted a forum where producers and consumers can sit together to work out modalities to introduce a greater element of stability.

Speaking to journalists accompanying him on his trip to Japan to attend the G-8 summit, Singh said he regretted to note that the international community has been far less active to deal with the problem of oil crisis than was the case in the first crisis of 1973 or the second crisis of 1978.

At that time the international institutions came up with new facilities to help countries affected adversely.

"But this time I think there has been lethargy. Our effort would be to nudge the international community and institutions to do more to deal with the consequences of the oil prices."

"As far as the oil prices were concerned, the first thing to know is what is contributing to it and it is here I am seeing that the international financial institutions have not performed their duty well," he said.

"There are people who say that the oil price muddle is directly the result of supply and demand, while there are people who say that it is largely a speculative increase due to the activities of speculators and large sums of money have been put into the futures market and other similar players."

"One would like the international financial institutions to pool their wisdom, knowledge and experience to educate the world as to what is the principal cause. Having said that, our effort is that instability and volatility in oil prices are neither in the interest of producers nor is it in the interest of consumers. And therefore I think we need to create a forum where producers and consumers can sit together and work out modalities to greater element of stability," he said.

Singh said there are three major issues which are bothering the world-- one is the issue of increasing volatility and instability in the world's financial markets.

There is a danger that this financial instability may spill over in the real economies and superimpose itself, he said.

Then the fact of the steep rise in the prices of petroleum products and the prices of food gains.

These are the major global issues that will figure in the discussions of the G-8 and the interactions between the G-5 and G-8.

Apart from this, there is the longer term issue of global warming and climate change, Singh said.

"I will explain to the leaders of the world what we plan to do. As you know we have brought out the Indian plan to deal with climate change. We have identified eight national missions to deal with the phenomenon."

At the same time, he said he would mention that at last year's Heiligendamn G-8, he had said that India recognised that global warming was a global problem and that all countries had an obligation to contribute to contribute in accordance with their capacities.

Singh said he had not stated that India's per capita emission of green house gases would never exceed the average of the developed countries and therefore if the developed countries make deeper cuts that would also be an incentive for India to move at a faster pace.

"And there is a growing appreciation of what I said. Chancellor Merkel of Germany, Prime Minister Gordon Brown of Britain and French President Sarkozy have expressed appreciation of the Indian attitude. But at the same time our effort at the conference will be to see that the process that was initiated at the Bali conference within the framework of the United Nations Framework on Climate Change gets priority over other fora."

"These are the major global issues and I have indicated the broad thrust of what I will be saying at the meetings," he said.

PM condemns attack on Indian mission in Kabul

Prime Minister Manmohan Singh on Monday condemned the suicide attack on the Indian mission in Kabul and described those responsible for the attack as no better than worst criminals.

"I am horrified to know of deaths of our personnel in the dastardly terrorist attack on our embassy in Kabul. The loss of these precious Indian and Afghan lives in the service of their country must be condemned in the strongest term possible," Singh said.

"I offer my deep condolence to those who have lost their loved ones and those who have suffered injuries," he said.

"India is with the families of those bereaved today. We will do all that we can to help them, their loss and grief. This is our pledge. We have lost Indians who are helping their Afghan brothers to rebuild their lives and country. That endeavour must continue with renewed commitment," Singh further said.