Unconventional monetary policies need to go: PM

Prime Minister Manmohan Singh Wednesday called for an "orderly exit from unconventional monetary policies" in developed countries, so that growth prospects in developing countries like India are not hurt.

In his departure statement before leaving for the 8th G20 Summit in St. Petersburg, Manmohan Singh said India would pitch for an orderly exit of the stimulus process.

"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," the prime minister said.

The prime minister's statement comes in the backdrop of huge volatility in the Indian currency and stock markets after the US Federal Reserve hinted at easing stimulus.