"Today we are addressing the global downturn with the same resolve and imagination. Let me assure this House that India would emerge the least affected among the countries of the world from the current economic crisis," he said.

Prime Minister's statement in the Lok Sabha on the last day of its term was read out by External Affairs Minister Pranab Mukherjee, who is the Leader of the House.

Singh, who is recuperating after a cardiac bypass surgery, expressed his sincere apologies for not being able to participate in this last session.

Noting that the country faced some of its best times during the last five years, he said it became the second fastest growing economy in the world.

"It also witnessed some very challenging times when the global rise in oil prices led to a spiral of price rise in commodities, resulting in higher inflation which we brought under control through prudent economic policies," he said.

Besides, he said, the country's foreign policy was steered in a manner that succeeded in ending its nuclear isolation and creating unprecedented global opportunities for it.