India is expected to ask the United States to come up with a $200 billion fund for emerging economies to counteract the reversal of private capital flows, at a meeting of heads of state and governments of the Group of 20 Nations at Washington this Saturday.
The country may also propose the creation of an Asian Investment Bank to act as a new multilateral agency to lend money to developing countries for their investment needs.
In response to the global concerns arising out of the continuing financial crisis, President George Bush has invited world leaders including Prime Minister Manmohan Singh to the meeting.
Regulatory reforms, capital flows and the international financial architecture are expected to top the agenda. Much of the ground work for this summit was done at a meeting of G-20 finance ministers and central bank governors at Sao Paulo last week.
Prime Minister Singh left for Washington on Thursday evening. The Indian delegation includes Finance Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
In a statement prior to taking off for Washington, Prime Minister Singh said he would campaign for a greater say for developing countries in the global financial system: "I will put forward our views on the need for greater inclusivity in the international financial system, the need to ensure that the growth prospects