Prime Minister Dr. Manmohan Singh expressed need for greater inclusivity in the international financial system to avoid failure of the world economy. Mr. Singh is going to attend G8 summit at Washington, called by US president, George W Bush, to discuss world credit crunch. The finance minister, Mr. P Chidambaram, deputy chairman of the Planning Commission, Mr. Montek Singh Ahluwalia and some other officials will also accompany Dr. Singh.

In his pre-departure statement, PM said that India is a major developing economy and international community should take any measure before considering its impact on developing countries including India. Global financial crisis is spreading continuously and all countries would be impacted by the global recession. He asked the need to strengthen IMF and World Bank to avoid such crisis.

PM said that fundamentals of Indian economy are strong enough to deal with any situation and no need to worry about the deposits in banks. Government has taken several measures to solve liquidity problem and may take more if needed.

G20 meet would take place on November 15 and leaders from Britain, Canada, France, Italy, Japan, Germany, United States, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey would discuss international financial situation.