"The traditional sources of economic growth are still under stress, even as fresh uncertainties have emerged as a result of recent developments in different parts of the world," Singh said in a statement ahead of his departure for a two-nation tour to China and Kazakhstan.
Singh, who would be attending the BRICS -- Brazil, Russia, India, China and South Africa -- leaders meeting in Sanya in China, said if the member nations can cooperate, "our positions on some key areas such as sustainable development, balanced growth, energy and food security, reform of international financial institutions and balanced trade, that will be to our advantage."
Singh, who would be attending the third summit of BRICS grouping since the first stand alone meeting in 2009, said the conclave would see the participation of South Africa for the first time.
"India welcomes South Africa's membership of BRICS, which will provide an African perspective to our deliberations", he said.
The Prime Minister said he looked forward to a wide-ranging exchange of views with the BRICS leaders on the state of the world economy and the contribution which the grouping can make in sustaining the process of global economic and financial recovery.
Noting that all BRICS countries are members of the G-20 and the United Nations Security Council, he said that the experience of working with each other in these forums has been positive and holds promise.
"This gives the Sanya Summit, whose theme is ''Broad Vision and Shared Prosperity'', special significance," he said.
Singh said during his stay in Sanya, he looked forward to his meeting with Chinese President Hu Jintao.
"The India-China relationship is a key relationship which has now acquired global significance," the Prime Minister said.
On the sidelines of the BRICS Summit, Singh said he would have bilateral talks with Russian President Dmitry Medvedev, Brazilian President Dilma Rouseff and South African President Jacob Zuma. "Our relations with these countries are very warm and substantive", he said.