'New realities': PM Modi renews call for UN reforms at G20 summit

Prime Minister Narendra Modi on Sunday renewed his call for reforms in global bodies, including the United Nations, saying the world's 'new realities' need to reflect in a 'new global structure.'

Addressing the "One Future" session of the G20 Summit, PM Modi said that despite the increase in member states of the world body, the number of permanent members in the UN Security Council has remained the same. The world was different when the UN was founded with 51 members. He added that the number of member states has risen to nearly 200.

It is nature's law that those who don't change with time lose their relevance, PM Modi said as he pushed for fresh reforms in global bodies.

He also sought global standards to regulate cryptocurrency as it was a new subject for social order and monetary and financial stability. On September 9, G-20 leaders decided on the swift implementation of The Crypto Asset Reporting Framework (CARF). The template is being developed to ensure that tax evaders do not use non-financial assets to conceal their unaccounted wealth.  

PM Modi also called for a responsible human-centric AI governance framework to help every country benefit from the new-gen technology.

PM Modi announces end of G20 Summit

PM Modi on Sunday handed over the gavel to Brazilian President Luiz Inacio Lula da Silva and marked the ceremonial transfer of the G20 presidency. Brazil will officially take over the presidency of the grouping on December 1 this year.

Speaking at the "One Future" session, Modi proposed a virtual G20 Session in November before the Presidency goes to Brazil. "I propose that at the end of November, we hold a virtual session of G20. We can review the topics decided in this Summit, in that virtual session...I hope you all will connect in the virtual session...With this, I declare the conclusion of the G20 Summit, " he said.

(With inputs from agencies)