India also called for expanding the resource base of multilateral development banks, particularly the Asian Development Bank (ADB) so that they have the firepower to help developing countries reach their development potential and initiate infrastructure development.

Addressing the 46th Annual Meeting of the Board of Governors of ADB, at Greater Noida near the national capital on Saturday, the Indian Prime Minister, Dr Manmohan Singh said : “Regional cooperation and integration among countries in Asia and the Pacific can play a critical role in accelerating the process of economic growth, reducing poverty and economic disparities. The importance of building cross-border infrastructure, of eliminating trade and investment barriers, and of cooperation including transfer of technology, in regional public goods such as clean air and energy, energy efficiency, management of water resources, control of communicable diseases, and management of natural disasters cannot be over-emphasized. We believe that promoting regional cooperation is the key mandate of the agreement that created the ADB and a testament to the sagacity of the founding fathers of this great institution. “

He urged the ADB to take the initiative to find innovative ways to channelize global savings into infrastructure projects in Asia Pacific.

“ADB’s good rating and technical expertise can be leveraged to raise resources in domestic and international markets through appropriate instruments. Pooling investments across various countries can mitigate risk which can be further reduced through credit enhancement by the ADB”, Dr Singh said.

Expanding infrastructure financing and investment through the intermediation of the ADB could help lower the cost of financing long-term infrastructure projects.

Saying that Asia regaining the position it had on the global stage some 250 years ago, the Indian Prime Minister said : “Asia today stands on the verge of a momentous transformation. If the potential of our economies is harnessed fully through appropriate policies and a strategic vision, Asia will certainly play a far greater role in world affairs and in promoting global well-being. Each one of the Asian countries must find ways and means of contributing to the fulfillment of this noble vision. I strongly feel that the time has come for greater cohesion among our economies for building a more empowered, stable and secure world and for the major development bank in the region to play a pivotal role in this regard.”

Saying that the 21st century has been rightly termed as the Asian century, Dr Singh said : “the rapid modernization and expansion of Asian economies is acknowledged as one of the most dramatic developments in the economic history of the world. This process has also pulled out of poverty the largest number of people ever in the history of human kind. If the current momentum continues, Asia's share in the world economy would double by 2050 and would account for over half of the global GDP.”

In 2013 the IMF expects advanced developed economies to grow at only 1.2% while developing Asia is expected to grow more than five times faster at 7.1%. At Purchasing Power Parity, emerging economies accounted for 80% of the world growth in 2012, with emerging Asia accounting for a majority of it and China and India accounting for 35% and 10% of world growth respectively.

With 1.7 billion people still continuing to live on less than $2 per day poverty alleviation must indeed remain as the most immediate goal of public policies in Asia, Dr Singh said and pleaded for facing the challenges of “accommodating different models of growth, ensuring that growth is inclusive and providing Asian countries with a voice in international fora that is commensurate with the aspirations and needs of their people.”

“The ADB is uniquely positioned to facilitate this change and work with governments to make the world order more inclusive, fair and stable,” he said.

The Indian Prime Minister suggested expanding the resource base of ADB and other multilateral development banks as has done for International Monetary Fund (IMF) in response to the crisis in the Eurozone.