President Pratibha Patil has called for restructuring the International Monetary Fund (IMF) and the World Bank on a broad basis as, she said, the global economy is integrated.
"We need to have a more participative and inclusive financial architecture for the management of the global economy that can be more responsive in preventing the recurrence of such economic crises in future," Patil said at the valedictory session of the seventh Pravasi Bharatiya Divas in Chennai on Friday.
According to her, sustainable economic growth is far too important to be left entirely to the market.
"The absence of regulation can and does create hazards. We have to create better regulatory systems and best practices in the management of capital markets as well as in fiscal policy."
She said the growth impetus of the Indian economy comes from its large domestic market and urged NRIs to benefit from this by investing in the country.
The president also urged the ministry of overseas Indian affairs to explore the possibility of instituting a separate set of awards from next year to recognise the contribution of Indian workers abroad.
She presented the Pravasi Bharatiya Samman Award and the citation to thirteen people of Indian origin for their achievements.