India can become pillar of global growth, stability: Narendra Modi

India will guide the BRICS nations’ $50 billion New Development Bank – a rival to the World Bank – to finance “inclusive and responsive” needs of particularly emerging economies, Prime Minister Narendra Modi said today.

He said India is promoting growth and investing in skills to create employment for the youth. “The entire humanity must stand together and be one against terrorism”.

“At G20, we can play an effective role in supporting the multilateral goals of increasing research and development to develop affordable renewable energy”.

“Through bold economic and governance reforms, we have achieved a growth rate of 7.5 percent with strong prospects for a higher growth in the near future”, the prime minister said. “Together, we can also give shape to G20”, Modi said. “And, this has come at a time of huge global challenges”, the Indian Prime Minister said.

“China, like the rest of the BRICS countries, expresses its solidarity with the French people, and we will continue to strengthen cooperation with the global community to fight terrorism in all of its forms”, he said.

On Sunday, Modi also held bilateral meetings with Presidents of the European Commission and the European Council, Jean-Claude Juncker and Donald Tusk, on the sidelines of the two-day G20 Summit meeting here.

A few world leaders including Modi are also likely to voice concern over delay in implementation of the quota reform of the worldwide Monetary Fund (IMF), aimed at giving more voice and voting power to the emerging economies as well as providing a pitch for cutting transaction cost for transferring money from overseas.

In his intervention at the main G20 Summit, Modi said the meeting is being held under “the tragic shadow of awful acts of terrorism” and leaders are “united by a sense shock, pain and outrage”.

“We are united in condemning the barbaric attacks in Paris this week; and, the recent bombings in Ankara and Lebanon”. It calls for a comprehensive global response. In the worst ever terror attacks by Daesh in Paris on November 13, at least 129 people were killed and 352 injured, many in critical condition. Chinese president Xi Jinping, Brazil President Dilma Rousseff, South African President Jacob Zuma also condemned terrorism in unequivocal terms and called for collective action against the menace.