World Bank must urgently reform to reflect contemporary global realities: India at BRICS

Rio de Janeiro: Prime Minister Narendra Modi has called for urgent reforms in major global institutions such as the World Bank, IMF, UN Security Council and WTO, saying they no longer reflect today’s global challenges, Secretary (Economic Relations) Dammu Ravi said.

Speaking after the BRICS Summit in Brazil, he said, "The PM reiterated that the global organisations of the 20th century lacked the capacity to deal with the challenges of the 21st century and therefore he underscored the importance of reforming the multilateral organisations."

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The PM spoke of the need for “a multipolar, an inclusive world order” and said, "Global governance institutions, particularly the UN Security Council, the IMF, the World Bank and the WTO, must undergo urgent reform to reflect the contemporary realities and times."

The two-day BRICS summit comes amid fast-changing global dynamics. Ravi said, “The PM's visit has elevated the entire summit. The fact that India is a founding member of BRICS, and will chair the group next year, adds importance.”

All BRICS members expressed support for India and condemned the recent terror attack in Pahalgam, Jammu and Kashmir. “They expressed solidarity and strong condemnation of the Pahalgam terrorist attack,” he further said.

PM Modi said the attack was “an onslaught on the entire humanity” and stressed that “those funding, promoting and providing safe havens to terrorists must be dealt with in the harshest terms,” Ravi highlighted.

He also proposed a new initiative: “The PM gave a few suggestions in terms of considering setting up a science and research repository in the BRICS group by the Global South countries to focus on the supply chains of the critical minerals.”

The PM also met Cuban President Miguel Díaz-Canel. According to Ravi, “Cuba showed significant interest in exploring India’s Digital Public Infrastructure and UPI. There was also discussion on recognising Ayurveda and integrating it into the Cuban health system.”