Mumbai, 18 Mar : Calling for reforms in the governance of global financial institutions, UNDP Chief Kemal Dervis today urged the "emerging South" to take its natural place in the decision making of the international community.

He urged India to add its "considerable" weight to a reform and strengthening of the United Nations and Bretton Woods institutions. Renewed legitimacy of the international system and institutions depends on the "emerging South" having its rightful voice and role in decision-making.

Dervis, who is United Nations Under Secretary General and the Administrator of the United Nations Development Programme, was delivering the 23rd EXIM Bank Commencement Day Annual lecture in Mumbai.

Dervis talked about the interactions between the current financial sector problems and the prospects of the world economy.

"There is hope" he said, "that dynamic growth in Asia will protect the world from a major slowdown -- much will depend, however, on the monetary and fiscal policies of governments worldwide."

Dervis, who heads the UN's largest development network, said that while it is true that some developing countries are profiting from globalization and catching up with the richest countries this is not happening across the board - many countries and hundreds of millions are still being left behind in relative terms.

Thanks mainly to the huge populations of India and China and the strong economic performance of these two giants there is at last a "catch up" trend of per capita incomes in the emerging South, he said.

"Our mission in the United Nations Development System is to help accelerate that catch up and work towards its extension to those parts of the world that have continued to diverge" he added.

Arvind Virmani, Chief Economic Adviser, Government of India presided over the lecture, which was attended by over 300 bankers, corporate leaders, academics, the media and representatives of the non-governmental sector. (ANI)