Finance Minister Yashwant Sinha has said that developing countries should not ignore globalisation but learn to adapt to the changes accompanying the phenomenon, benefiting the socially and economically deprived people.
“I think the challenge is not to ignore globalisation or hide away from it. The challenge is to manage globalisation, and that's how we are looking at it in India,” Sinha, the new chairman of the development committee, a joint policy making body of the World Bank and the International Monetary Fund (IMF), told a news conference in Prague, on Monday evening at the end of the committee’s press conference.
Sinha said that there was a marked shift taking place in terms of understanding on globalisation and countries should learn to manage with the changes. In this process, international financial institutions, especially the World Bank, must work for the many rather than the few.
“The committee also called on the bank to invest more in public goods - helping in fighting HIV/AIDS, strengthening developing country's role in international trade addressing global environment issues and creating and sharing knowledge of development,” Sinha said.
Bureau Report