New Delhi, Jul 24 (IANS): Prime Minister's Principal Secretary PK Mishra on Monday, while addressing the third meeting of G20 disaster risk reduction working group, said that India has transformed the way disaster risk reduction is financed.

In the area of financing disaster risk reduction, Mishra emphasised on pursuing structured mechanisms at all levels for financing all aspects of disaster risk reduction.

In India over the last few years, the principal secretary said that financing for disaster risk reduction has been completely transformed and a predictable mechanism is in place for financing not just disaster response but also disaster mitigation, preparedness and recovery.

"Like preparedness for response, we need to have emphasis on preparedness for recovery," he said.

“The time for incremental change has passed. We need transformation of local, national and global systems,” Mishra added.

The Prime Minister's Principal Secretary the highlighted the benefits of the Coalition for Disaster Resilient Infrastructure established a few years ago in partnerships with a number of G20 nations, the UN and others.

Speaking about the Coalition’s work, Mishra said that it informs the countries including small island developing nations about making better risk assessments and metrics to upgrade their standards while making more risk-informed investments in infrastructure development.

Highlighting the need for the convergence of disparate national and global efforts to maximise their collective impact, he emphasised on adopting a problem-solving approach instead of fragmented efforts driven by narrow institutional perspectives.