Delivering the Jawaharlal Nehru Memorial Lecture organised here on Friday the former Brazilian President Luiz Inacio Lula da Silva urged for “building a new global governance” in the “spirit of fraternity.”

Such a new order would lead to “new and positive economic dynamics,” he said.

Lula said that despite the attempts of G20 leaders to revive the global economy “the root cause has not been addressed.”

The current crisis needs to be overturned he said and this should be done through “inclusiveness of poor countries and marginal population.” The model for economic growth should be sustainable development, he said.

The memorial lecture was organised by the Jawaharlal Nehru Memorial Fund.

According to Lula the lingering of the global financial crisis is primarily due to the “financial speculations exceeding all limits.” This sort of situation has led to inflation in prices of commodities affecting the poor countries.

The Global Financial Crisis began with the collapse of Lehman Brothers in August-September 2008 in the US. Before the world could recover from this crisis, another severe shock was felt in the form of Sovereign Debt Crisis in the Euro zone.

Lula suggested orientation of public policy of nations and urged for more investments in infrastrure and productive sectors of the economy.

“We need to invest more in agriculture production, schools, hydro-power........and have more scientists,” he said.

He lauded India for taking united stand in the World Trade Organisation and climate change negotiation with Brazil under his Presidency and said that the formation of BRICS and IBSA blocs was the result of such cooperation.

India and Brazil was in the forefront of forging and alliance of developing countries at the Doha Round of negotiations in the WTO under the banner of G20 (This G20, a bloc of developing countries was formed much earlier than the G20 of developed and emerging economies set up to deal with the global financial crisis).

Lula was instrumental in fostering closer relations with India, which gave a boost to the latter’s Look West Policy.

Lula praised Mahatma Gandhi’s philosophy of non-violence that earned freedom from the British colonial rule He lauded First
Prime Minister of India, Pt Jawaharlal Nehru’s model of “sustainable development and sound inclusiveness” for just and equitable order, peaceful settlement of disputes, upholding the principle of self-determination, non-interference in internal affairs and peaceful co-existence among nations.

He was hailed the Non-Aligned Movement launched by Pt Nehru and President Nasser of Egypt in 1961 which drew membership from 155 countries, steering away from two powerful blocs then led by the US and the Soviet Union.

The Chairperson of the Jawaharlal Nehru Memorial Fund, Sonia Gandhi praised Lula for bringing his country “closer to realising its destiny.” A man who rose from a humble begining and fought for democracy and social justice as Pt Nehru did, she said.

She also lauded Lula’s Conditional Cash Transfer Programme as the largest in the world.
Lula’s inclusive policies are now being implemented through Lula Institute to promote democracy and social inclusion combined with economic development.

Lula also had a brief meeting with the Indian Prime Minister Dr Manmohan Singh.

The former Brazilian President was awarded with the prestigious Indira Gandhi Prize for Peace, Disarmament and Development by the President of India Pranab Mukherjee on Thursday.

The award carries cash of Rs 2.5 million and a trophy with a citation.

President Mukherjee said “today, we recognise and honour a contemporary world leader for his substantial contribution towards the achievements these (peace, disarmament and development) objectives.”

Lula has been “a transformative figure in Brazil” he said.

Social programmes like Bolsa Familia and Fome Zero were the hallmarksof his presidency, the Indian President said.

“His policies still serve as a model for developing countries and his personal story is an inspiration for millions around the world. I am confident that his continuing work for democracy and development in Latin America and Africa will touch many more lives in the years that lie ahead,” the Indian Prime Minister Dr Manmohan Singh said.