India

Pandemic an opportunity to create new world order, says Nobel laureate Muhammad Yunus

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The Coronavirus [COVID-19] pandemic has given the world an opportunity to replicate and take ‘outrageously bold decisions’ to create a brand new order, Nobel laureate and founding father of the Grameen Bank Muhammad Yunus mentioned in a digital dialog with former Congress president Rahul Gandhi on Friday.

Instead of being wanting to “get back to where they were”, Mr. Yunus mentioned the pandemic has given societies to assume anew and create a world order the place “there is no global warming, no wealth concentration and no unemployment”.

The dialog with the Nobel laureate is a part of the dialogue collection launched by Mr. Gandhi since outbreak in India. The Congress chief has interacted with specialists from totally different fields and shared the movies on-line.

Also Read | Rahul Gandhi, Chidambaram slam Modi over state of financial system

“COVID has given us a chance to reflect on how big, bold decisions can be taken. It has given us a window of thinking and we have a choice, whether we go to that terrible world which is going to destroy itself anyway or we go someplace else and build a new world where there will be no global warming, no wealth concentration, no unemployment. It is possible,” Mr. Yunus mentioned.

Reflecting on the plight of the poor and migrant employees, Mr. Yunus, who revolutionised the world of micro-credit financing with the Grameen Bank, asserted that monetary techniques are designed in methods that don’t recognise the poor.

“The financial system is designed in a very wrong way. So coronavirus, what it has done, is revealed the weaknesses of the society in a very ugly way that you can see it now… Economics doesn’t recognise these people. They call it informal sector. If we can finance them they will move up the ladder,” he mentioned.

Agreeing with Mr. Yunus, Mr. Gandhi mentioned the pandemic was a possibility for people and societies to re-imagine and press the reset button.

Also Read | A 12 months after he stop as Congress chief, Rahul continues to form occasion’s stand on key points

“Start with a blank page and start with a new imagination. Of course, you can’t make a jump like that in governance but at least the mind should go there and then the rest of the institutions and other things will follow,” Mr. Gandhi mentioned.

The economist additionally criticised the Western financial mannequin the place the city financial system is the “Hub” and the agricultural financial system is an “appendage” that provides labour.

He additionally cited the instance of Grameen Bank the place banking of thousands and thousands of {dollars} is finished on the premise of belief and with none authorized paperwork.

“How did we do that in Grameen Bank? People were shocked. I said we believe in their capacity. They believe in us. There is no collateral. Grameen Bank is the only bank in the world which is lawyer free. A bank built on trust where millions of dollars are given and come back with interest,” Mr. Yunus mentioned, including that micro credit score to girls additionally enhanced their entrepreneurial skills.

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