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National News

Aug 31, 2019

Vice Prez Venkaiah Naidu stresses on reforms in global political, financial & business institutions

Vice President M. Venkaiah Naidu on Saturday stressed the need for bringing about much-needed reforms in global political, financial and business institutions to make them more representative of the ground realities. 

He said India supports rules-based multilateral order to tackle challenges like climate change, technology divide, trade disputes, terrorism, connectivity and maritime threats. 

He was addressing after inaugurating the 2nd Deccan Dialogue - Economic Diplomacy in the Age of Disruptions, held at the Indian School of Business in Hyderabad. 

He observed that India and other developing countries had made a clarion call to reform the multilateral system so that developing countries have a greater say in global governance. 

He said we need reformed multi-lateralism to face the headwinds of protectionist tendencies. He also called for enlarging and democratizing the UN Security Council. 

Stating that the 21st century is being hailed as the Asian century, he said India has to play key role in promoting peace, security and development in the continent thus boosting trade and development. 

However, he suggested that such initiatives should be transparent and inclusive to become successful and sustainable. He further said India believed in peaceful co-existence and does not want anybody to interfere in the internal affairs.

He also said adapting to new technologies is a must for developing countries to leap-frog into the 4th industrial revolution and transform the lives of people.

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