Amid concerns of a slowdown in economy and high unemployment in large developing nations, India has called on the G-77 group of countries to adopt growth promoting policies to boost demand and create jobs.
India said despite best efforts by nations, the global economic situation remains a cause of deep concern for countries across the world.
"After the 2008 economic meltdown, it was said that large developing countries would replace the traditional economic engines. This has not happened. Growth in large developing countries is also slowing down," Additional Secretary Navtej Sarna said yesterday at the G-77 Foreign Ministers' meeting here on the sidelines of the UN General Assembly session.
He said unemployment, food and energy concerns remain high and have further undermined the limited coping capacity of developing countries to shocks and vulnerabilities.
"It is, therefore, of utmost importance that we collectively undertake growth promoting policies to boost demand and create jobs. With over a billion people in extreme poverty and hunger in developing countries, we cannot afford but to make inclusive growth our priority," he said.
The Group of 77 at the United Nations is a loose coalition of developing nations, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations.
Sarna noted that globalization has made economic challenges even more complex for the nations who are affected by decisions that they are not part of.
"In this scenario, there is a compelling reason to call for reform of global governance. We must continue to press for a development oriented outcome of the Doha Round," he said.
He added that the G-77 must take the lead in implementation of the Rio agenda and in setting the stage for the Post 2015 development agenda, with poverty eradication and meeting the Millennium Development Goals being key priority areas.
"We must ensure that arguments on changing development landscape and limitations of the economic crisis are not used to dilute agreed principles and commitments. South-South Cooperation cannot be subjected to the tenets of North-South Cooperation. Neither can it be a substitute for it," he added.
Sarna said India remains aware of the existential threat