He said risks from the global slowdown are "acceptable ...and as of now I think there is no great danger that these will overwhelm us or derail our economy".

However, he said if the global economy goes into downturn there are risks for the Indian economy as well. But these were acceptable risks, he said.

"When you get integrated into the global economy what happens in the rest of the world does affect us, now that our foreign trade is a much larger proportion of our national

income and now that capital inflows from abroad are significant part of the story of financing investment in the country," the Prime Minister said at the HT Leadership Summit.

He said India's relations have become more broad-based and wide-ranging with a large number of countries. "As our share of global trade and capital rises, as our economy becomes more globally integrated, we will become even more engaged with the global economy. India's voice will be heard, India's views will be sought," he said.

In the past five years, the Indian economy has grown close to nine per cent achieving higher level of integration with the global economy.

The world economy is estimated to slow down from 5.2 per cent in 2007 to 4.8 per cent this year. The US economy grew by 1.9 per cent in July this year, against 2.8 per cent a year ago. Euro zone is also expected to report slower growth of 2.1 per cent against 2.5 per cent.