India calls for cushion against oil price shocks at ADB annual meet
"It is incumbent on all major international financial institutions to ... devise credible strategies to enable the world economy to cope with the increased unpredictability and volatility of energy prices," said Singh.
More than 3,000 delegates including finance ministers, business leaders and representatives from global organizations are attending the ADB's annual board of governors meeting to focus on Asian development challenges.
Singh's comments in the southern city of Hyderabad came as oil prices rebounded to above 70 dollars in Asian trade amid ongoing worries over the row about Iran's alleged nuclear weapon ambitions and the separatist threat in oil-producing Nigeria.
"Our region needs a comprehensive framework of security that will ensure that the process of economic development is not derailed by the threat of terrorism, the threat to our environment and the threat to our energy security, food security and security of livelihoods," added Singh.
Singh's remarks on oil prices came after the ADB said earlier this week that it would earmark one billion dollars by 2008 to fund renewable energy projects in the member nations.
The ADB also said it plans to double its funding for India to 2.65 billion dollars by 2008 to help expand access to basic services.
Singh added India needed at least 150 billion dollars of investment to upgrade its creaky infrastructure in order to boost economic growth.
"The challenge before Asia today is to create and maintain a regional and international environment that is conducive to maintenance of high economic growth," he said.
Across the city, several thousands protested the "anti-people policies" of the multilateral agency.
The People's Forum organized the rally that police kept well away from the convention centre to coincide with Friday's inaugural session of the two-day board meeting.