New Delhi - Indian Prime Minister Manmohan Singh Wednesday urged reform of international financial organizations and called for a "strong message" against protectionism from world leaders as he embarked for the G20 summit in the United States. In a statement issued before meeting in Pittsburgh, Singh stressed the "earliest return to trend growth" and stabilization of banking and financial sectors in developed economies, which are crucial to exports, capital inflows and investment in developing nations.
India 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," he said.
Observing that the global economy had shown distinct improvement, Singh cautioned "we are still not out of the woods."
He proposed a more active role for India in the management of the global economy and pushed for reforms in global finance.
"There is a need to carry the process of governance reform of international financial institutions further to give greater voice and representation to under-represented countries," he said.
The Indian premier said it was necessary for India to engage in the management of the world economy since it had a "lot at stake and a lot to contribute."
"Even though our economic growth rate has slowed to 6.7 per cent in 2008-09, India approaches the Pittsburgh summit with a sense of confidence," he said.
"Our growth is primarily driven by domestic demand, our savings rate is robust and the external sector has exhibited resilence," he added.
Capital cash flows have started picking up and India remains an attractive investment destination, Singh said.
