India cautions against unsustainable financing, debt traps at UNSC meet

India has cautioned the international community about the dangers of unsustainable financing, saying it leads to a vicious cycle of debt traps. Counsellor in India's Permanent Mission to the UN R. Madhu Sudan made the remarks at the Security Council open debate on 'Maintenance of International Peace and Security: Promoting Sustaining Peace through Common Development', held under China's Presidency of the 15-nation UN body for the month of November.

Peace elusive, development a distant dream

Madhu Sudan said that peace is elusive and development a distant dream if resource crunch continues to exist. He noted that India, in various fora, including in its current G20 presidency, has worked towards reforms of International Financial Institutions.

Reforms in international financial institutions needed

He said that India believes that a UN befitting the aspirations and needs of the 21st century is only possible through a sustained, reformed multilateralism, especially through the expansion of both categories of membership of the Security Council.

Security Council should not assume all functions

Madhu Sudan also said that while a comprehensive vision of international security must encompass the interdependence of the UN systems three pillars—peace and security, development, and human rights—it is important to remember that this does not imply that the Security Council should assume all these functions.

Urgent measures needed to reverse faltering progress on SDGs

He reiterated that maintaining peace is weighty, nuanced, and multidimensional and is not just linked to "common development." He also called for urgent measures to reverse the concerning trend of faltering progress on the Sustainable Development Goals (SDGs).

India's statement at the Security Council meeting comes against the backdrop of rising concerns about the debt crisis in developing countries, which has been exacerbated by the COVID-19 pandemic. The call for reforms in international financial institutions and the expansion of the Security Council reflect India's commitment to a more equitable and sustainable global order.