New Delhi [India], October 20 : During the inaugural session of the Kautilya Economic Conclave 2023, Finance Minister Nirmala Sitharaman expressed her concerns about the declining effectiveness of global multilateral institutions.
The Kautilya Economic Conclave 2023 also features the participation of Reserve Bank of India Governor Shaktikanta Das, for insightful discussions and strategies to navigate the evolving global economic landscape.
Sitharaman said, "Globally, we don't need to hesitate any longer to say that the multilateral institutions... whether it is the UN, Security Council or the WHO, WTO are less than effective from where they were made into institutions. The level of effectiveness of their intervention that they were to bring into the global scenario is today at less than an ideal position".
"Because they have become less effective, what we took for granted is no longer to be taken for granted. We thought if there was a disruption somewhere, the WTO would come into play, if there is a huge pandemic, the WHO would come into play. Similarly, in the developmental agenda of different countries at different levels of development, there would be timely and periodic interventions with which you would see some change with the spirit of inclusiveness so that less developed countries achieve their aspirations, but we find that less effective in all these institutions", she added.
Speaking to an audience of economists, scholars, and policymakers, Sitharaman emphasized the pressing need to address the diminishing impact of institutions like the United Nations (UN), the Security Council, the World Health Organization (WHO), and the World Trade Organization (WTO).
Sitharaman stated, "we are meeting today at a time when not one churn but several churns are simultaneously happening."
"You're sitting in India talking about specific things that India at this afternoon, keeping the future generations in mind particularly with the comfort that there is a government which is receptive to inputs coming from different experts, scholars observers of economy and so, a government which is ready to listen within India, but globally because the challenges are having spillover across the world" the Finance Minister said.
Addressing the attendees, she highlighted the importance of discussing specific issues concerning India while keeping future generations in mind.
She reassured the audience that the Indian government was open to inputs from various experts, scholars, and observers of the economy, both within the country and globally, to effectively tackle the challenges with a receptive approach.
As experts and policymakers convene, the focus remains on finding innovative solutions to bolster the effectiveness of these institutions and address the pressing challenges facing the global economy.
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