Moscow, 1 October: Events on the world's financial markets have demonstrated that Russia cannot rely on its existing insurance policies alone and should develop a robust national economy, according to Prime Minister Vladimir Putin.

"The latest events have demonstrated that, in order to maintain stability, the state has to have substantial currency reserves and other insurance policies. These we have. And yet one cannot rely on these 'safety nets' alone," Putin told the government meeting on Wednesday [1 October], which examined the concept of long-term development of the country until the year 2020.

"The main safeguard is a competitive and robust national economy, the development of market institutions and of efficient state regulation mechanisms where this is justified and necessary," the prime minister said.

Furthermore, the prime minister said, "a modern credit and finance system mainly reliant on internal resources and therefore having a strong immunity to global financial 'viruses'" should be created in Russia.

"In the next few years, Russia should achieve a significant improvement in the quality of work of the main, backbone industries, such as transport, the fuel and energy complex, the banking sector and agriculture," Putin said. "It is necessary to make serious progress in the construction of a national innovation system and the development of competition, to set up more reliable guarantees of protection of property rights," the head of the government said.

He also said that "it is necessary to make full use of new factors of economic growth, above all those connected with the development of human potential". It is about every individual being able to realize himself and to build a firm social position for himself and his family, Putin explained.