Foreign secretary Harsh Vardhan Shringla on Monday called for reforms in the United Nations Security Council (UNSC), claiming that it had not been able to fulfill responsibilities in maintaining global peace and security.

Shringla, speaking at a webinar organised by Bharat Chamber of Commerce here, also said that UNSC, formed after the World War-II, has always played a restricted role globally due to limited representation.

"UNSC has not been able to fulfill its responsibilities... Unless the United Nations (UN), particularly the UNSC, is reformed, the global body's role in maintaining peace and security will be limited due to lack of representation, Shringla said.

"Deadlock in the UNSC has surfaced in the context of the Ukraine-Russia conflict. The issue had to be taken to the UN General Assembly," he pointed out.

Currently, UNSC has five permanent members -- China, France, Russia, the UK and the US. India is among the ten non-permanent members of the body. Only a permanent member has the power to veto any substantive resolution.

India has been at the forefront of the years-long efforts to reform the security council, saying it rightly deserved a place as a permanent member.

Shringla, during the session, said that unilateral sanctions imposed by the West on Russia will have an impact on Indian trade and investments in that country.

The foreign secretary, however, did not elaborate further on the matter.

Referring to the economic crisis in Sri Lanka, he said that the COVID-19 pandemic hit hard the island country's tourism sector.

Tourism is the main source of revenue for Sri Lanka, he noted.

India had extended two lines of credit to Sri Lanka, while the island country also approached the IMF for a bail-out, he said.

Talking about the recovery of the pandemic-hit economy in India, he said the country received USD 81 billion as FDI during 2020-21, while its GDP is expected to touch eight per cent this financial year.

According to Shringla, accelerated pace of reforms, stimulus packages and a massive vaccination drive have helped the country recover from the crisis caused by the pandemic.

"India is boosting its economic ties with immediate neighbours like Bangladesh and Nepal, and both the countries have become its major trading partners.

"In fact, India is discussing a comprehensive economic partnership agreement (CEPA) with Bangladesh. It will graduate out of the list of least developed countries' in 2026," he added.