"Though there are encouraging signs of growth in industrialised countries, there is also a slowdown in emerging economies, which are facing the adverse impact of significant capital outflows," he said.
"I will emphasise in St. Petersburg the need for an orderly exit from the unconventional monetary policies being pursued by the developed world for the last few years, so as to avoid damaging the growth prospects of the developing world," he added.
"It is also important that G20 encourages and promotes policy coordination among major economies in a manner that provides for a broad-based and sustained global economic recovery and growth."
He was alluding to the talks of US Federal Reserve looking at successively reducing the fiscal stimulus that was being injected since 2008 to overcome the financial crisis.
This and other reasons have led to the Indian rupee dipping to a historic low of 68 to a dollar. This apart, India's quarterly economic growth is also at four-year low and stock markets have taken a hit, among other gloomy signs.
On its part, the prime minister said, India has taken steps to pursue reforms, create a more investment-friendly environment, stabilise the rupee and strengthen macro-economic stability.
"At the same time, a stable and supportive external economic environment is also required to revive economic growth," he said.
"The G20 Summit, therefore, is an important forum to seek an international climate that is beneficial for all countries."
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