PM seeks major reforms of international financial institutions
V S Chandrasekar /PTI / Rome Jul 07, 2009, 14:55 IST
Ahead of the G-8 meeting tomorrow, Prime Minister Manmohan Singh has called for significant reforms of the international financial institutions to address global problems and asserted that India would seek its due place in such institutions.
Singh, who will be meeting U S President Barack Obama and other world leaders at the G-8 meeting with five outreach countries including India, said these institutions need to reform decision-making and ensure effective delivery to adequately reflect ground realities.
India, he said, was deeply committed to multilateralism and will "seek its due place, play its destined role and share its assigned responsibility, giving voice to the hopes and aspirations of a billion people in South Asia".
In an article in the compendium on contemporary global issues brought out for the summit, Singh said India will strive for the reform of the UN to make it more democratic.
"The Security Council has not changed at all and its present structure poses serious problems of legitimacy. The system of two-tiered membership, which gives a veto to the five permanent members i.E. The nations that emerged victorious after the Second World War, is clearly anachronistic," he said.
The Prime Minister noted that Germany and Japan, which have significantly larger economies than Britain and France, both permanent members, were excluded.
It is in such international forums that the intelligent formulation of global problems and demands for required democratization of U N and other international institutions by Indian Prime Minister Dr.Manmohan Singh will make all Indians proud.After Gorbachev he has the stature and talent to lead the required restructuring of the world which is acquiring increasing centrality with the passage of time.Now is the time for all our opposition parties to stand by our PM and and show that they can rise above the petty politics that had lowered their credibility among the Indian masses.
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