In this context, the prime minister identified three pillars of India's global engagement that included sustaining capital inflows to supplement domestic investment, leveraging access to high-end technologies around the world for development and ensuring that the country's growth is not constrained by scarcity of natural resources.

All these require active engagement by India in all multilateral forums, and in the shaping of the world order, whether in the field of trade, international finance or the international economy, the prime minister said.

Insularity is not an option, the prime minister said, according to a statement from his office.

'India should play a role in the international arena in a manner that makes a positive contribution to finding solutions to major global challenges, whether in the field of trade or climate change,' he said.

Finance Minister Pranab Mukherjee Tuesday assured that the Indian economy will manage to grow by over six percent this fiscal despite the global slowdown and delayed monsoons.