Modi calls for more say to developing states in world finance

November 16th, 2008 - 7:19 pm ICT by IANS  

Narendra ModiNew Delhi, Nov 16 (IANS) Calling for more democracy in world institutions, Gujarat Chief Minister Narendra Modi Sunday said a paradigm shift was required to give greater role to developing countries in the global financial arena.”There is a split between thinking of developed and developing countries. The mindset about who is the taker and who is the giver has to change,” Modi said at the World Economic Forum’s three-day India Economic Summit that started here Sunday.

“The International Monetary Fund and the World Bank will have to be democraticised. I do not see any role for the smaller countries yet (at the table),” he added during his address on “New Paradigms for Inclusive Growth”.

Modi said the voices of the poorer countries have to be heard in global corridors.

The chief minister said the UN has to also tackle the new global challenge of terrorism.

“Terrorism is like a proxy war, with the poor nations bearing the brunt. We cannot change if we use traditional models or react with knee-jerk strategies,” he added.

Modi said development in India has to be made into a mass movement on the lines of Mahatma Gandhi’s freedom movement.

“Each individual has to feel a part of the development movement. This is how Gujarat has developed a new model of inclusive growth,” he added.

In the current financial situation, Modi said the central government should follow his state’s policy of starting big-ticket infrastructure projects. He took the opportunity to enunciate the Gujarat government’s successful policies in agriculture, industry and judiciary.

Modi said the government has to remain vigilant against “dirty money” - slush funds - entering into the financial system, which is under a squeeze following the global financial meltdown.

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