Never miss a story

Get subscribed to our newsletter


×

United Nations: India has called for reforming the World Bank and the International Monetary Fund (IMF) to reflect the rise of the developing and transitional economies and give them more say in governance.

The share of the developing economies in transition in the world gross domestic product has increased from 39 percent in 2008-2010 to 49 percent in 2012-14, but the shareholding patterns at the financial institutions have not kept pace with the change, Amit Narang, a counsellor at the Indian Mission told a session of the General Assembly committee that deals with economic and financial matters Tuesday.


“There is thus an urgent need to take up shareholding realignment in the World Bank to reflect these changes” he said.

“The changing global economic landscape makes it imperative for steps to be taken to increase the credibility and legitimacy of these institutions in response to these changes,” Narang added.

As for the IMF, he said it was facing and “unprecedented situation” having failed to implement the quota of shares set during the last review in 2010 even as the time has come for the next review.

The Republican-controlled US Congress has blocked the implementation of the new quota structure, which would increase the shares of India, Brazil, Russia and China-the BRIC countries-putting them among the 10 largest shareholders of the IMF. The share quotas determine the voting power and access to funding.

“We need to collectively reflect on a constructive way forward so that the IMF continues to be well resourced through quota resources, and also reflects the changing global economy in its governance structure,” Narang said.

He also criticised the Financing for Development Conference for “formalising the status quo which effectively keeps out the voices of a large number of countries” in the Committee of Experts on Sustainable Development.

“It unequivocally weakened multilateralism and undermined the notion of universality,” Narang asserted. “This important notion was exposed to be a convenient rhetoric to weaken differentiation in international relations.”

(IANS)


Popular

wikimedia commons

Recently, Tom and Jerry was made into a live action film

Every child who grew up in the 90s and the early 00s has certainly grown up around Tom and Jerry, the adorable, infamous cat-chases-mouse cartoon. The idea of naughtiness and playing mischief had the standards that this particular series set for children and defined how much wreckage was funny enough.

The show's creators, William Hanna and Joseph Barbera initially named their characters Jasper and Jinx. They did not plan for the fame that Tom and Jerry brought them when they released a movie by the name of "Puss Gets the Boot". This movie featured a certain cat and mouse who were a notorious pair, named Jasper and Jinx. When the movie became a hit, the names of the characters were changed and the show shot to fame.

Keep Reading Show less
Photo by Unsplash

Indians Rarely Make Time For Arts And Culture, Says Survey

One of India's leading private museums, the Museum of Art & Photography (MAP) Bengaluru, has released new primary research conducted by the ReReeti Foundation, on audience behaviour in India's cultural sector. While more than half of the respondents thought the arts and culture are essential, they rarely manage to make time for it. The majority (60.6 per cent), mostly young people under 30, felt Indian museums could present more engaging content, and most perceived culture as anthropological/ sociological. Of the diverse categories included, music emerged as the most popular cultural activity.

The report is based on a survey of 500 people, which included school and college students, professionals across sectors, homemakers and senior citizens. The first initiative of its kind in the cultural space, the report shares valuable insights into the behaviour and expectations of Indian audiences engaging with a broad range of cultural activities. As part of MAP's mission to foster meaningful connections between communities and the cultural sector globally, which includes its innovative digital programme Museums Without Borders, the report shares a wealth of insights that can help museums across the country understand their audiences better. As much as 60.6 per cent said Indian museums are not experimental enough, and can do more to create engaging content that is also relevant to surrounding communities.As much as 60.6 per cent said Indian museums are not experimental enough, and can do more to create engaging content that is also relevant to surrounding communities.

Keep Reading Show less
Photo by alexey turenkov on Unsplash

What is the best way to save Goa from deforestation?

What is the best way to save Goa from deforestation?

Drinking feni, may well be the answer, says the secretary of the Goa Cashew Feni Distillers and Bottlers Association Hansel Vaz, who on Thursday said, that sipping the state's unique alcoholic drink and making it popular would directly aid the greening of Goa's hills and other barren landscapes.

"To get more cashews, we need to plant more trees. I always say, by drinking feni you will save Goa, because we will be planting more cashew trees and we will have greener hills. The beauty of cashew is you do not need fertile land. You can grow it on a hill which can provide no nutrition. We will be able to grow more trees, if we can sell feni properly," Vaz said. Vaz's comments come at a time when the hillsides of the coastal state have witnessed significant deforestation for real estate development and for infrastructure projects. Feni is manufactured by fermenting and double distilling juice from the cashew apple.

2 glasses of a white drink Best way to keep Goa green is to grab yourself a glass of feni. | IANS

Keep reading... Show less