Expressing deep concern on the recent financial crisis in United States, Prime Minister Manmohan Singh speaking at the 63rd UN General Assembly on Friday said lacking of credible systemic regulation has made the financial innovation vulnerable.
To deal with such financial catastrophe, Singh said, a new international initiative is needed to bring structural reform in the world’s financial system accompanied with more effective regulation and stronger systems of multilateral consultations and surveillance.
Taking into account the positive impact of globalisation that has contributed to all around prosperity, the notable economist said the development gains through it by many countries is now at the stake of food and energy crisis.
This world food crisis that has resulted into surging inflation is the cumulative consequences of the neglect of agriculture in the developing world and aggravated by slowing down agricultural subsidies in the developed world. Further using agricultural land for producing bio-fuels has exacerbated the problem.
Singh pointed out proper coordination between developed and developing countries are required to tackle the food security problem. Proper channelisation should be build up to transfer of technology and innovation from developed to developing countries.
World once again need a second green revolution. We need new technologies, new institutional responses and above all a global compact to ensure food and livelihood security, he said adding that developed countries should work out for trade liberalisation in agriculture.
In view of the Millennium Development Goals the international community had made to achieve the ambitious target for global prosperity and welfare, Manmohan Singh said the commitments made under MDGs are far from completion; poverty, ignorance and disease still afflict millions of people.
“The commitments made for transfer of financial resources from the developed to the developing world have remained largely unfulfilled. The long-set target of 0.7% of Gross National Income as ODA needs to be honoured,” the Prime Minister said in context of all developing and least developed countries and Africa in particular.
Citing India’s National Action Plan on climate change, he said the problem can be overcome successfully only through a collaborative and cooperative global effort.
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