Russian Prime Minister Vladimir Putin has said G8, the group comprising eight biggest industrial nations of the world, does not carry enough weight and influence without the presence of emerging economies like India and China.

Without involving India and China and without consulting them in major decisions, development of the world economy is impossible, Putin told CNN.

"In the present form, G-8 already does not carry enough weight," he told CNN in response to a query regarding a US threat of seeking Russia's expulsion from the G8, following the rent stand-off between the two cold-was rivals over the Georgian crisis.

"We are not afraid, not at all. What's needed is a realistic analysis of the situation, looking to future so as to develop a normal relationship with due regard to each other's interests," Putin added.

Currently G-8 members include the United States, Russia, Japan, France, Canada, Germany, Britain and Italy.