New Delhi: India on Friday questioned the efficacy of the developed world’s response to tackle global financial crisis as well as the threat of terror and asked the developing world to find own ways to address these challenges.
“The response of the developed countries to the challenges of our times, be it financial crisis or climate change or terrorism, shows that they have no monopoly on good ideas. We in the developing world wish to work with the developed, but we have to find our own ways to deal with these challenges,” Prime Minister Manmohan Singh said in New Delhi.
“The imperatives of development, of the well-being of our people, and the logic of democratic politics dictate this. We are after all answerable to our people,” Singh said at a function to mark the 75th birthday of Nobel laureate Amartya Sen.
The Prime Minister expressed wonder over the manner in which “some nations” control international institutions. “I am often amazed by the jealousy with which nations guard their control over international institutions even as they speak of the virtues of globalization and democracy.”
The time has come for the global polity to catch up with the times and address the challenges posed by the global economy, he added.
He also said while problems have become global, responses remain national or regional. “One reason for this could be the inherent weakness of global institutions,” he said.