India today told the G-20 nations, particularly the rich members, that it is not responsible for creating global imbalances and volatility in the international markets.

During his intervention at the BRIC meeting and the first session of the G-20 Finance Ministers meeting in Paris, Finance Minister Pranab Mukherjee said a large emerging economy like India is vulnerable to seasonal factors and their effect on the food prices.

He said as a result of vagaries of weather, India has witnessed a high and unsustainable inflation on the food items. Mukherjee added that the food inflation has also been accentuated by structural changes in the consumption pattern due to the growth of the economy.

He said such high food inflation has a tendency to feed into general inflation throwing challenges at our macro economic management.

The Finance Minister said India had been fortunate that the current phase of growth has been more or less evenly balanced between consumption and investment on the one hand, and between domestic demand and external demand on the other.

However, the country has its own share of concerns arising from elevated commodity and asset prices, and economic problems of a more structural nature that underlie the uncertainties in the global economy.