Marking the ceremonial transfer of the G20 presidency, Prime Minister Narendra Modi on Sunday handed over the gavel to Brazilian President Luiz Inácio Lula da Silva who hailed India for giving voice to topics of interests of emerging economies.
At the concluding session, PM Modi handed over the gavel and offered best wishes to Brazil for the presidency. Brazil officially will take over the mantle of the presidency of the elite grouping on December 1 this year.
Speaking on the occasion, Lula da Silva congratulated Modi and thanked India for its efforts to give voice to the topics of interest to emerging economies.
Lula da Silva also listed social inclusion, the fight against hunger, energy transition and sustainable development as G20 priorities.
He said the UN Security Council needs new developing countries as permanent, non-permanent members to regain political strength.
“We want greater representation for emerging countries at the World Bank and the IMF,” he said.
Prime Minister Narendra Modi on Sunday made a fresh push for reforms in global bodies including the United Nations, saying despite the increase in member states of the world body, the number of permanent members in the UN Security Council has remained the same.
Addressing the “One Future” session of the G20 Summit, the prime minister said the world’s ‘new realities’ should be reflected in ‘new global structure’.
He said the world was different when the UN was founded with 51 members. Now the number of member states has risen to nearly 200, Modi said.
It is nature’s law, PM Modi said, that those who don’t change with times lose their relevance.
He also said that crypto currency was a new subject for social order, monetary and financial stability and sought global standards to regulate it.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)