Economic recovery strengthening; right time to change world order: Rajiv Kumar

Rajiv Kumar, Vice-Chairman of the NITI Aayog

The global economic recovery is strengthening and this is the opportune moment for a change in the world order, Niti Aayog Vice Chairman Rajiv Kumar said on Wednesday.

He emphasised that a new world order will usher in if the global economy remains open.

Kumar further said there is a need for setting up new coalitions of like minded nations while strengthening and promoting the existing multilateral institutions to ensure a liberalised and multilateral order is put in place to serve the global community.

"We can see that the economic recovery is strengthening. I think this is the opportune moment for a change in the world order," he said while addressing a virtual event by FICCI.

According to Kumar, a new world order will happen only if "we maintain the openness that has made us successful in the post world war period."

Noting that openness is under threat in some sense, he said," We need to put our heads together to ensure a liberalised and multilateral order is put in place."

Kumar emphasised that the corporate sector should take the lead in setting the world order post the pandemic.

Governments world over have tried but so far the corporate world has not lent their shoulder to reshape the world order, he said. Kumar noted that multilateral institutions like the UN, the WTO have failed to achieve the primary objective of convergence between nations.

" Despite that... global institutions need to be strengthened, they need to be promoted because they are only what we have got...The shortest way of doing that is to make sure that those who present the large majority of the global population are represented," he said.

According to Kumar, the world is going through turbulent and transition times. "We need global institutions that are nimble and sensitive. They should not retain inertia of the moment but respond to such times, he said.