Assuring that the country had the resilience to cope with the present global financial meltdown, he cited the economic crisis of 1991 and said the situation was "more" serious but was overcome efficiently.

"No instruments of public policy will be spared. We will use fiscal, monetary, public investment and exchange rate" to tackle the current crisis, he said, addressing a summit in New Delhi.

Noting that the world is in the midst of a "deep crisis" and going through "choppy waters", Singh said, "in a globalised world we cannot pretend that we will not be affected by the crisis that has not been created here but somewhere else.

"But I assure that despite the international environment, we have the capacity and ability to sustain the growth rate of about eight per cent and will do so," the economist-Prime Minister said.

He said the government is fully committed to ensuring that the country's industry "sails and sails, not in the choppy waters but moves ahead with speed."

"We can and we will survive this crisis and emerge stronger if we have the imagination and will to work together," Singh said as he warned that "competitive politics" could hamper this process.

"We will through the use of fiscal policies, through the use of monetary policies, through the use of public investment ensure that the shortage of demand coming as it is from the global slowdown is neutralised to the maximum possible extent," he said.

The Prime Minister said the government had anticipated some slowdown in the economy and that this was reflected in the 2008-09 Budget wherein provisions were made with regard to the revenue deficit, social development programmes like the National Rural Employment Guarantee scheme and infrastructure projects.

The industry must have the confidence as the government knows how to tackle such situations, Singh said and cited the "more severe" economic crisis of 1991 which was surmounted under his Finance Ministership.

"We have the will and resources," he said while calling upon the industry to work with the government to meet the situation.

Observing that the developing countries were the "worst victims" of a crisis that was not of their making, he said the developed countries have the responsibility to ensure that the burden "does not fall disproportionately" on the shoulders of the weak and the Millennium Development Goals should not suffer.

Referring to the recent G-20 meeting in Washington on the economic crisis which he attended, Singh expressed satisfaction at its outcome and said "hopefully a beginning has been made" to correct the international financial architecture and tackle the problem.

Noting that global problems required global solutions, he said there was a need for a global safety net.

The Prime Minister emphasised that the developed countries should avoid recourse to "protectionism", saying it is not a "remedy" to the problems.

Singh said when US President George W Bush invited him for the G-20 Summit, he was somewhat "pessimistic" about the outcome.

He said he told Bush that the meeting would serve no purpose if it was not well prepared and was only a repeat of the G-8 when some developing countries are invited "only for lunches and breakfasts" and their voices not heard.

"But I was proved wrong. The meeting was very well prepared. For the first time, developing countries' voice was heard," the Prime Minister said.

The meeting agreed on the need for giving considerable stimulus on the fiscal front while acknowledging that "something has gone wrong" in the management and regulation of the international financial system.

The meeting recognised that there had been "some lack of regulation, some lack of supervision, some misbehaviour on the part of actors. On the whole, the system of governance of international financial institutions, of supervision and regulation needs a relook."

Noting that a "club of few rich countries" was driving the international financial system, Singh said "for the first time, it has been recognised that this club membership must be expanded and countries like India must be part of this club for consultations and decision-making process."

At the same time, he suggested that such a meeting would have more meaning once the new administration of Barack Obama assumes charge in the US.

"In some way, this conference (of G-20) was like a Hamlet without the Prince of Denmark," Singh remarked as he pointed out that the Bush Administration was going to demit office in a few months.

Singh, however, said Bush had assured the meet that his administration was in touch with the incoming Obama administration and they have an agreed programme of action.

"We need a global safety net so that the poor of the world do not pay a price for the profligacy of the rich and the delinquency of a few. Global problems require global solutions. This is the most important lesson of the past century for the next," the Prime Minister said.

"The global institutions of governance must be made more inclusive and representative. The voice of the developing world must be heard in the high councils of global decision-making," he told the conclave attended by a host of ministers, industry leaders and diplomats.

Referring to the G-20 meeting on November 15, he noted that the world leaders "who matter" had "sat together, thought constructively and come out with outcome (in the last meeting) which should inspire confidence of markets".

The G-20 countries will assemble again by the March 31, he said.

"There is a ray of hope... But much work requires to be done. There are uncertainties about the length of recession.

But everyone is hopeful that a beginning has been made to tackle this problem," he said.

To a question about the impact of global financial crisis on India's small and medium enterprises (SMEs), Singh acknowledged that there were concerns in this regard and said it needed to be ensured that "large scale entrenchment does not become order of the day".

The Prime Minister emphasised that SMEs need liberal help and low-cost credit to meet the situation.

"At home and globally, we seek an inclusive growth process. Our century will be shaped by how we respond to the global economic crisis today," he said.

"If nations look only inwards and imagine they can solve their problems on their own, they will fail," Singh said, adding "the world has become more integrated and inter-dependent.

"In both good and bad, in prosperity and peril, in opportunity and crisis, we must recognise the new inter-dependencies. No nation is an island unto itself."