"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.

... contd.