World Bank President David Malpass has welcomed India’s move to begin selling oil from its stockpiles, asserting that the world needs to take essential steps to address the current crises.

Speaking on the sidelines of the annual Spring meeting of the IMF and the World Bank held here, Malpass said that allowing more trade and opening of markets were ‘essential’ steps.

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“I was intrigued to see and welcomed India’s moves yesterday and today to begin to sell from its stockpiles. I think market-opening steps by many of the advanced economies could add a lot to the global supplies and alleviate some of the impacts on the developing countries, he said on Wednesday.

“And they need to build up their systems to produce more. One of the drawbacks is that, in recent years, there’s been a shortage of investment, especially in the developing world. We need to find policies in the future that will add investment, he said.