India not as poor as made out to be: NK Singh

Planning Commission Member NK Singh said some international organisations were projecting higher levels of poverty in India to serve their own interests.

"Several organisations, particularly international agencies, are interested in showing higher poverty levels to serve their interests. If India's poverty level was low, those like the World Bank might have very little to do in the country," Singh said at a seminar organised by the London School of Economics and United Nations Conference on Trade and Development (Unctad).

On the current multilateral trading system, Singh said the World Trade Organisation would have to redefine itself in the coming days to factor in the increasing role played by developing countries. Its functions would also need to be reworked, he said.

"In its present form, the WTO is scratching at the surface of the problems that we face," Singh said.

The Planning Commission member also said in the coming days, trade policy would not be distinct from economic policies as countries were increasingly depending more on trade.