We need to find out why global institutions failed: PM | business | Hindustan Times
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We need to find out why global institutions failed: PM

business Updated: Dec 19, 2008 21:04 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Prime Minister Manmohan Singh on Friday said that while the world’s response to many global challenges have remained national or regional.

“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,” Singh said at a function to mark the 75th birthday of Nobel laureate Amartya Sen.

Singh urged the developed world to work with India to address global challenges. "We assure the world and our won people that we will not be found wanting as a nation in addressing the challenges at hand. Good governance, development and security are the least we can deliver,” Singh.

The Prime Minister expressed surprise at the way in which come countries manage 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 globalisation and democracy,” he said.

Singh 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.