Naidu calls for reforms in global political, financial and business institutions

The Vice President M. Venkaiah Naidu has called for bringing about the much-needed reforms in international political, financial and business institutions to make them more representative of the ground realities.

Addressing the inaugural session of ‘Deccan Dialogue II – Economic Diplomacy in the Age of Disruptions’ at the Indian School of Business in Hyderabad, he said that India supports a rules-based multilateral order to tackle many common challenges such as climate change, technology divide, trade disputes, terrorism, connectivity and maritime threats.

Observing that India and other developing countries when faced with issues of unilateralism and protectionism had made a clarion call to reform the multilateral system so that developing countries have a greater say in global governance, he said “what we need is reformed multilateralism to face the headwinds of protectionist tendencies”.

Pointing out that India represented 1/6th of the global population, the Vice President also called for enlarging and democratizing the UN Security Council.

Stating that the 21st century was being hailed as the Asian century and India has a key role to play in promoting peace, security and development in Asia and beyond, the Vice President said enhanced regional connectivity, both physical and digital, can boost trade and play a pivotal role in bringing prosperity and development.

However, such initiatives to be successful and sustainable should be transparent, inclusive and respect the principles of sovereignty and territorial integrity, he added.

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