The key challenge of macroeconomic policies would be to ensure that the anticipated expansion in saving in developing countries in productively utilised within the economy and not exported abroad, according to a Reserve Bank of India report.

"It is vital to ensure that the investment rate rises in close co-movement with the saving rate. This requires massive investments to close the gaps between demand and supply in key infrastructural areas such as power, roads, ports and telecommunications, cities and urban utilities," RBI said in the "Report on Currency and Finance" released in Mumbai on Wednesday.

More rational user charges have to be levied to finance the restoration of public investment, it added.

"With increasing openness, monetary and fiscal policies are expected to play a key role in ensuring macroeconomic stability while facilitating sustained economic growth within the framework of a market economy," the report added.

In view of increased uncertainty, central banks need to take into account developments in the global economic situation, international inflation, interest rate, exchange rate movements and capital movements while formulating policy responses, it said.