Engine of progress lies with emerging markets, says FM

Union finance minister Nirmala Sitharaman on Saturday said the engine of global growth lies with emerging markets and developing economies, the stand of Prime Minister Narendra Modi at the G20 India Presidency that led to the inclusion of the African Union in this influential group.

- Rajeev Jayaswal

Addressing a keynote address on "Reviving Growth with Inclusivity" in Marrakech, she said: "Most of the post-Second World War institutions, global institutions, were fashioned after most European powers or the USA with very little, if I may say, very little contribution from countries which have just come out of colonial rule." So obviously, Africa and many Asian countries were not heard while setting up multilateral institutions, she added.