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Pratibha sees need to reform IMF, World Bank

— Photo: V. Ganesan

INDIANNESS TO THE FORE: President Pratibha Patil with the Pravasi Bharatiya Samman awardees at the valedictory of the conclave at the Chennai Trade Centre on Friday.

CHENNAI: President Pratibha Devisingh Patil on Friday called for the restructuring of the International Monetary Fund and the World Bank.

The President emphasised the need for more inclusive global financial architecture in the context of the economic meltdown. The restructuring of the multilateral agencies “on a broad basis” was necessary as “the global economy today is so integrated that what happens in one part of the world can affect different parts of the world.”

She was delivering the valedictory address at the Pravasi Bharatiya Divas conclave here.

Ms Patil said more participative and inclusive financial architecture for the management of the global economy was needed, which could be more responsive in preventing the recurrence of such economic crises. “India can contribute to this process in a significant way.”

The “key lesson” derived from the meltdown was that “sustainable economic growth is far too important to be left entirely to the market. The absence of regulation can and does create hazards.”

The country’s focus should be on expanding economic opportunity for all. “India is seeking to bridge the infrastructure deficit and achieve energy security, food security and human welfare security. Our task will be undertaken in a climate of a global slowdown but I believe that we have the capacity to grow even in these difficult times.”

Ms. Patil pointed out that over five million overseas Indians were making remittances of $ 10 billion to $ 12 billion every year.

Though the workers were at the lower end of the income scale, their remittances not only supported household consumption in India but also provided resources for investment in the rural sector, particularly agriculture.

She wanted the Overseas Indian Affairs Ministry to consider the idea of instituting a separate set of awards next year to recognise the contribution of overseas Indian workers.

Tamil Nadu Governor Surjit Singh Barnala called upon the country to engage other nations with much more comprehensive dialogue in meeting international challenges and reducing the adverse impact of the changing global economic scenario.

Union Minister for Overseas Indian Affairs Vayalar Ravi appealed to the diaspora to associate closely with the India Development Foundation by contributing to the development efforts of the country.

Tamil Nadu Chief Secretary K.S. Sripathi and Secretary of the Union Ministry of Overseas Indian Affairs K. Mohandas were also present.

The President presented the Pravasi Bharatiya Samman awards to 13 members of the Indian diaspora.

Two Vice-Presidents were among the recipients. They were Angidi Veeriah Chettiar and Ramdien Sardjoe, Vice-Presidents of Mauritius and Suriname.

Mr. Chettiar made the acceptance speech on behalf of the awardees.

The other recipients were: G. Vadiveloo, Permanent Speaker of the Malaysian Indian Congress; Paramananthan ‘Prema’ Naidoo, a leading figure in the struggle against apartheid in South Africa; Soman Baby, Bahrain-based journalist; Deepak Obhrai, Parliamentary Secretary to the Foreign Affairs Minister of Canada; Ylias Akbaraly, businessman from Madagascar; Ram Lakhina, Chairman of the Mahatma Gandhi Foundation, Amsterdam, Netherlands; P.N.C. Menon, philanthropist; J.R. Gangaramani, founder-member of Indian Business and Professional Group, Abu Dhabi; Shreela Flather, Member of the House of Lords, United Kingdom; C.K. Prahalad, Professor, University of Michigan-Business School, United States and Sumit Ganguly, Professor of Political Science at the Indiana University, U.S.

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