AKIPRESS.COM - Indian Prime Minister Narendra Modi on Monday called for reforms in multilateral organisations, stating there has been a change in the global situation and there is a question if they are prepared to deal with the new world order, Business Standard reported.

In his 'State of the World' special address, in virtual format, at the World Economic Forum's Davos Agenda 2022, the Prime Minister said the challenges being faced by different countries are increasing and there is a need for "collective and synchronised action" by the world communities.

In this context, Modi called for a discussion on the role of multilateral agencies in tackling such emerging issues.

"Seeing the global situation today, the question is also if the multilateral organisations are prepared to deal with the new world order and new challenges. When these organisations were formed, the situation was different, today the situation is different. Hence it is the responsibility of every democratic country to give emphasis on reforms in these institutions so that they can be made effective to deal with the challenges of today and tomorrow," he said.

"Today, besides the change in the global order, the challenges that we have been facing as a global family, that are also increasing. There is a need for collective and synchronised action by every country, global agency to deal with them," he added.

He cited disruption in the supply chain, inflation and climate change as examples of challenges. Modi said India is committed to be a reliable partner in the global supply chain, and is saving countless lives by sending medicines and Covid vaccines to more than 150 countries.

"Another example is cryptocurrency. The way technology is linked, the decisions taken by one country will be insufficient to deal with the challenges. We will have to keep similar thinking," he said.

Presenting India as one of the world's future tech and economic powerhouse, Modi elaborated the economic and tech reforms taking place in the country, saying Indian government has removed hurdles to start a business in India.

"Today, India is the land of more than 60,000 registered startups, 80 unicorns, and spending about $1.3 trillion on connectivity," Modi said.

PM Modi stressed that India has the world's largest, safe and successful digital payments platform. "In the last month alone, 4.4 billion transactions have taken place in India through Unified Payments Interface (UPI)," he said.

"India's health professionals, who are always regarded for their sensitivity, went on to win the hearts of the people. Our 5-million software professionals did not let the world stop digitally by working day and night tirelessly," Modi said in his speech.

The Prime Minister also came up with a suggestion for the world in dealing with challenges like climate change, saying that time has come for the world to start thinking about its life-style, which is damaging the global environment, whereas the Indian culture still banks on its age-old traditions of preserving the nature.

The Prime Minister underlined that India always advocates growth, which should be green, clean, sustainable and reliable. "Through the International Solar Alliance and COP21, the world witnessed India's commitments towards saving the Earth," he said.

Beside PM Modi, the Davos summit is also being attended by Japan PM Kishida Fumio, Australian PM Scott Morrison, Indonesia President Joko Widodo, Israel PM Naftali Bennett, China's President Xi Jin Ping and EU Commission Chief Ursua von der leyen, along with top industry leaders, international organisations and civil society groups.