India stands by global efforts to overcome economic crisis: Manmohan

India is ready to play its part in coordinating global efforts to overcome the economic slowdown, prime minister Manmohan Singh said on Monday before leaving for Russia to attend the summit of emerging major economies of Brazil, Russia, India and China (BRIC).

Russian president Dmitry Medvedev is also hosting a summit of the Shangai Cooperation Organisation (SCO), in Yekaterinburg, Russia.

Brazil, Russia, India and China (BRIC) together account for 40 per cent of the world's population and 40 per cent of global gross domestic product. The BRIC grouping has the potential to lead global economic growth. In fact, global economic recovery is closely linked to the success of the BRIC economies.

"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 . "BRIC countries also have a role to play in promoting the principle of multilateralism in international affairs, and in the reform of institutions of global governance, including the United Nations, to reflect contemporary realities. From these points of view, the convening of the first stand-alone summit of BRIC countries is a significant development," he added.

The prime miniter will be attending the SCO summit meeting for the first time. India has been an observer of the SCO since 2005.

"My decision to attend the summit is a reflection of the high regard we have for Russia's presidency of the SCO, and our desire to intensify our engagement with countries of our extended neighbourhood in Central Asia. There are issues which concern both of us, such as the 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," the prime minister said.

"During my visit, I look forward to meeting and exchanging views with the other world leaders who will be present in Yekaterinburg," he said, hinting at a possible meeting with Pakistan president Asif Ali Sardari.

Singh's attendance at the SCO meet will mark the maiden participation by an Indian prime minister in the summit of the six-nation grouping in which India is an observer.

The SCO comprises Russia, China, Kazakhstan, Uzbekistan, Turkmenistan and Kyrgyzstan. India, Iran,. Pakistan and Mongolia are observers.

The BRIC summit is expected to see the four nations discuss issues relating to immediate reform of international financial institutions.

India is also attending a `Global Jobs Crisis Summit' 'in Geneva beginning on Monday where it will pitch for policies that will stimulate employment.

The Indian delegation will be led by labour minister Mallikarjun Kharge.

"India is likely to seek policies that stimulate the employment market at the meet where the agenda would mostly revolve around measures being implemented at the national and international level to address the crisis," labour ministry sources said.

"My major priority would be to tackle the problem of job losses arising out of recession," Kharge, who had assumed charge last month, had said.

Over five lakh people in the country have lost their jobs in the October-December quarter last year following the economic downturn.

India's export sector has been the worst affected from the recession where millions of jobs are expected to be lost.