"It is now a challenge for all of us to take credible action to ensure that we are least affected by this global slowdown," he told reporters ahead of the start of the Budget Session.
"In this context, the way we conduct the financial business now before Parliament will be a crucial determinant of our country's ability to cope with the formidable challenges our country faces," Singh said.
The Prime Minister said he looked forward to cooperation of all sections of the House. His remarks came against the backdrop of Opposition parties preparing to target the government on chopper scam, price rise, crimes against women and a host of other issues.
"On our part, we wish to engage constructively, productively with all sections of the House in the expectation that there would be responsible dialogue, debate among members of Parliament," he said.
"We are looking forward for a very productive, constructive session of Parliament. That is what our country's people expect Parliament to do," Singh said.