Prime Minister Narendra Modi on Sunday called for reforms in global institutions, including the UN Security Council, and for global standards to regulate crypto-currencies.

”If we have to take the world towards a better future, it is necessary that global institutions should be based on present day realities. The UN Security Council is an example. When the UN was formed, the world was entirely different from what it is today. There were only 51 founding members in the UN. Today despite the fact that this number has reached about 200, the number of permanent members in the UNSC remains the same,” he lamented addressing the third and final session of the two-day G20 Summit.

The PM said the world has undergone a dramatic change in every respect, be it transport, communication, health or education. ”There has been a transformation in every sector. These new realities must be reflected in global structures,” he added.

Mr Modi said it was the law of nature that if an institution would not change with the passage of time, it would lose its relevance. ”We have to consider with an open mind why so many regional forums have come into being in recent years and they have proved to be effective,” he added.

The PM emphasised the need for every global institution to undertake reforms. Keeping this reality in mind, the G20 took a historic initiative on Saturday by admitting the African Union (AU) as a permanent member to the grouping, he pointed out.

”Similarly, we will have to expand the mandate of multilateral development banks. Our decisions in this direction should be immediate and effective,” he added.

Mr Modi said the field of crypto-currency, social order, monetary and financial stability has emerged as a new topic for everyone. ”Therefore, we have to develop global standards to regulate crypto-currencies. We have the Basel standards on bank regulation in front of us as a model,” he noted.

He said there was a need to take concrete steps in this direction as soon as possible. Similarly, global cooperation and framework were also needed for cyber security. Terrorism, he said, was getting new mediums and new methods of funding from the cyber world. ”This is a very important subject for the security and prosperity of every country.”

The PM said the world was witnessing unimaginable scale and speed in new generation technology. The example of Artificial Intelligence was in front of everyone. ”In 2019, the G20 adopted “Principles on AI”. Today we need to go one step further,” he said.

He suggested the creation of a framework for Responsible Human-centric AI governance. India, he said, would also give its suggestions in this regard. It will be New Delhi’s endeavour that all countries get the benefits of AI in areas like Socio-Economic Development, Global Workforce and R&D.

Mr Modi said he had continuously drawn the world’s attention to the Human Centric Vision instead of the GDP Centric Approach.

”Today many countries like India have so much, which we are sharing with the whole world. India has converted the data of Chandrayaan Mission into Human Centric Approach. We have talked about sharing it with everyone in our interest. This is also a proof of our commitment towards Human Centric Growth,” he added.

India, the PM said, has used technology for inclusive development and last mile delivery. In the smallest villages, even the smallest merchants were making digital payments, he said and expressed happiness that under India’s chairmanship, a strong framework for Digital Public Infrastructure has been agreed upon.