As a major developing economy, India has a vital stake in the stability of the international economic and financial system, Prime Minister Manmohan Singh said on Thursday, in a statement issued on board his special aircraft on way to Washington for the G20 Summit.
"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 of the developing countries do not suffer, and the need to avoid protectionist tendencies," the prime minister said.
Expressing confidence in the strong fundamentals of the Indian economy, the prime minister said that India has the potential to contribute to global economic growth.
Singh said that he looked upon the summit as an opportunity to exchange views with other leaders on the reasons behind the recent development and to consider what measures can or need to be taken by the international community to arrest the negative fallout.
The summit also has an important role to play in considering corrective measures to prevent future recurrence of such events, he said. However, the 'issues involved are complex and will require sustained deliberation over a period of time," he added.
The prime minister is going to Washington to attend the G20 summit on Financial Markets and the World Economy at the invitation of US President George W Bush.
The prime minister, however, added that the effects of the global financial crisis are spreading far beyond American and European shores, and all countries, in varying degrees, will be impacted.
The world is facing the prospect of an economic slowdown, he said, but added that the fundamentals of the Indian economy are strong because India has taken several measures to ensure adequate liquidity and credit in the system.
This gathering of world leaders in Washington is taking place against the backdrop of the financial crisis that emanated in the United States and Europe.
