The global crisis, as it has popularly been called, began on Wall Street and then rapidly engulfed the world devouring Dalal Street as well.

Now, India is among the twenty countries that will return to where it all began, to try and find a global consensus on battling the crisis.

A team of experts led personally by the economist Prime Minister Manmohan Singh, is now finalising India’s pitch for the G20 meet in Washington on Saturday.

NDTV learnt that India would argue that the crisis is global and so there has to be coordinated action among countries now, to restore confidence at the markets.

In other words, individual action by countries, like that of China's stimulus package is not enough.

Also, India will push for a global monitoring mechanism for stock markets to prevent sudden flight of capital.

Not only this, India would also urge the G20 countries to come up with fiscal packages to stimulate demand.

This means that every country should spend on infrastructure projects like roads, ports and power that would help create domestic demand in these countries. Moreover, it would also help the exporters.

Kirit S Parekh, Member of the Planning Commission, said, "If every country stimulates their economies, world recession will be less and our concerns will be less. So everybody benefits."

While some economists in India hope for a positive outcome from the G20 summit, most agree that India alone cannot call the shots.

Dr Amit Mitra, FICCI, Secretary General, said, "Our say will not be as big as China's, but if India and China combine, we could be the powerhouse of the world."

The G20 countries control over 80 per cent of the world trade. According to experts, if these countries could agree on a common agenda, the global downturn may be a short-lived one.