India questions efficacy of developed world's response to tackle global financial crisis

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NEW DELHI, Dec 20 (PTI): India yesterday questioned the efficacy of the developed world's response to tackle global financial crisis as well as the threat of terror and asked the developing world to find own ways to address these challenges.
"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," Prime Minister Manmohan Singh said.
"The imperatives of development, of the well-being of our people, and the logic of democratic politics dictate this. We are after all answerable to our people," he said at a function to mark the 75th birthday of Nobel laureate Amartya Sen.
The prime minister expressed wonder over the manner in which "some nations" control 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."
The time has come for the global polity to catch up with the times and address the challenges posed by the global economy, he added.
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.
The PM also released a book on the occasion titled "Arguments for a Better World: Essays in Honour of Amartya Sen", a collection of writings by leading economists and social scientists.
On the debate of globalisation, he said, "It has become divided between those who remain obsessed with the ideologies of the market and those who adhere to the ideologies of Statism."
He said India has long rejected such stereotypes and such ideological straight-jacketing of policies. "We have walked the pragmatic middle path, and will continue to do so. We must walk on two legs," the prime minister said.