India Seek Reforms

Pressing for time-bound reforms in international financial institutions, India has warned that their "credibility" would be adversely affected if developing nations are not given an "effective voice" in the functioning of these bodies. While developing countries have made significant efforts towards good governance and domestic resource mobilization, the support by the international community has lagged far behind, Member of Parliament Sachin Pilot said addressing the economic and financial committee of the United Nations General Assembly. There was a need for "time-bound" action to restructure international financial institutions to give adequate representations to the developing world or else the "legitimacy and credibility" of these bodies will be adversely affected.Demanding that the developed nations fulfill their commitments regarding financial aid to the developing nations, Pilot rejected the contention that private sector investments are panacea for lack of development.He particularly mentioned "trade distorting" agricultural subsidies by the rich and limited access to the developing countries in the markets of developed States.Private sector, cannot replace public sector investments in infrastructure development and in sustaining equitable and inclusive growth.Besides, public sector investment is particularly important in social sector and human resource development.