New Delhi, Sep 22 (IANS) World Bank Vice President Danny Leipziger Thursday warned that the current softening in crude oil prices may not last long.

"Volatility in crude oil prices will continue even though these have started softening, and disturb the global economic adjustments," said Leipziger at a meet on economic reforms in India organised by the Associated Chambers of Commerce and Industry of India (Assocham).

He said the prices may revert to the earlier bullish trend of $80 a barrel.

"The crude oil prices internationally may even go up to $80 a barrel until collective measures are taken to contain the element of volatility in the oil prices," he said.

Over the last one month the global price of crude has come down from $76.41 on Aug 8 to $60.16 a barrel on Sep 20.

During this period the Indian basket of crude also witnessed a fall from $75.20 a barrel to $57.82 a barrel, averaging to $59.97 a barrel.

Commenting on Indian reforms and growth rospects, Leipziger said the potential for Indian economic growth is very high provided the policy makers address certain issues to sustain a high economic growth rate.

These include flexibility in labour laws, infrastructure development and fiscal adjustments among others.

On India's keenness for adequate representation on the International Monetary Fund (IMF) board, the World Bank official said, "India has been adequately represented in it as we value the recipient countries contribution to IMF equally to those that make higher contribution to the bank."

He suggested that the Indian policy makers should first strive to design their policies with a human face before they make observations for the global policies.

Some of the policies requiring a human face, according to Leipziger, include pollution control and development of clean energy so that higher growth is accomplished.

Nobel Laureate Michael Spence echoed similar sentiments. He said the only parameter for measuring the happiness of any nation is its GDP growth. "Therefore India should frame its policies to ensure higher growth with necessary subsidy extension," he said.

Spence felt the growth potential for India could be very high provided policy makers do not give up reforms-oriented approach.