Leaving for Russia on his first foreign visit after assuming office for a second term, Prime Minister Manmohan Singh said on Monday India is ready to play its part in coordinating global efforts to overcome the economic slowdown.
"India is among the fastest growing BRIC economies, and we are ready to play our part in coordinating international efforts to overcome the ongoing financial and economic slowdown," he said in statement before his three-day visit to Russia during which he will meet several leaders, including Pakistan President Asif Ali Zardari.
Singh, who will be attending the Brazil-Russia-India-China and Shanghai Cooperation Organisation Summits, said the BRIC grouping has the potential to lead global economic growth.
"In fact, global economic recovery is closely linked to the success of BRIC economies".
During his stay in the Russian city Yekaterinburg, the prime minister will meet Zardari, marking the first contact at top level between India and Pakistan since the 26/11 Mumbai terror attacks.
Referring to the SCO Summit which he would attend for the first time, Singh said, "My decision to attend the Summit is a reflection of the high regard we have for Russia's Presidency of the SCO."
Singh said the decision to attend the SCO Summit also reflected India's desire to "intensify our engagement with countries of our extended neighbourhood in Central Asia.
Observing that there were several issues which concerned both India and the SCO, he said these included fight against terrorism and extremism and cooperation in areas of energy security, infrastructure development, agriculture, transportation, science and technology and education.
"India and the SCO stand to gain considerably from each other through such cooperation," he said.
Singh said during his visit, which was at the invitation of Russian President Dmitry Medvedev, he would look forward to meet and exchange views with world leaders present in Yekaterinburg.
On the BRIC Summit, he said the four countries together account for 40 per cent of the world population and 40 per cent of the global GDP.
"The BRIC countries have a role to play in promoting the principle of multilateralism in international affairs, and in the reform of the institutions of global governance, including the United Nations, to reflect contemporary realities," he said.
The prime minister said that from these points of view, the convening of the first standalone summit of BRIC was a 'significant development'. Its main agenda is expected to include the global financial crisis, terrorism and food security.