Manmohan: India needs to be engaged in management of world economy

As he embarks on a visit to the US to participate in the G-20 Summit of major economies, Prime Minister Manmohan Singh said India needs to be engaged in management of the world economy as it has a lot at stake and a lot to contribute.

As he embarks on a visit to the US to participate in the G-20 Summit of major economies, Prime Minister Manmohan Singh on Wednesday said India needs to be engaged in management of the world economy as it has a lot at stake and a lot to contribute.

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He also said New Delhi would like to see a strong message to emerge from Pittsburgh against protectionism in all its forms, whether trade in goods, services, investment or financial flows.

Observing that the global economy has shown distinct improvement, the Prime Minister, however, cautioned, "We are still not out of woods."

He said, "It is necessary for India to be engaged in the management of the world economy because we have a lot at stake, and a lot to contribute."

The Prime Minister said he would convey India's interest in seeing the earliest possible return to trend growth and stabilisation of the banking and financial sectors in the advanced economies, because this directly affects its exports, capital inflows and investment.

"We would like to see a continuous increase in the capital base of multilateral development banks to finance the massive infrastructure needs of emerging markets," he said in a statement just ahead of his departure.