New Delhi [India], January 17 (ANI): Prime Minister Narendra Modi on Monday called for reforms in multilateral organisations, stating there has been a change in the global situation and there is a question if they are prepared to deal with the new world order.

In his 'State of the World' special address at the World Economic Forum's Davos Agenda, the Prime Minister said the challenges being faced by different countries are increasing and there is a need for "collective and synchronized action" by the world communities.

"Seeing the global situation today, the question is also if the multilateral organizations are prepared to deal with the new world order and new challenges. When these organisations were formed, the situation was different, today the situation is different. Hence it is the responsibility of every democratic country to give emphasis on reforms in these institutions so that they can be made effective to deal with the challenges of today and tomorrow," he said.

"Today, besides the change in the global order, the challenges that we have been facing as a global family, that are also increasing. There is a need for collective and synchronised action by every country, global agency to deal with them," he added.

He cited disruption in the supply chain, inflation and climate change as examples of challenges. "One more example is cryptocurrency. The way technology is linked, the decisions taken by one country will be insufficient to deal with the challenges. We will have to keep similar thinking," he said.

PM Modi stressed that India has the world's largest, safe and successful digital payments platform. "In the last month alone, 4.4 billion transactions have taken place in India through Unified Payments Interface (UPI)," he said. (ANI)