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IMF chief calls India 'economic power house'

International Monetary Fund managing director Dominique Strauss-Kahn on Thursday described India as an "economic powerhouse" and said that the time has come for India to play its rightful role in global economic governance. HT reports.

business Updated: Dec 02, 2010 21:33 IST
HT Correspondent

International Monetary Fund (IMF) managing director Dominique Strauss-Kahn on Thursday described India as an "economic powerhouse" and said that the time has come for India to play its rightful role in global economic governance.

"Your results in terms of economic growth and also in terms of inclusive growth are really amazing", Strauss-Kahn said after a meeting with finance minister Pranab Mukherjee.

The IMF has projected the Indian economy to grow by 9.7% in 2010.

"The forecast we had in the IMF is exactly what you are following now which is probably the maximum that the Indian economy can provide these days," he said.

He also cautioned that the crisis in Europe should not be underestimated.

"The situation in Europe is serious…We should not underestimate the importance of this crisis," he said.

The European Union (EU) has recently approved a euro 85 billion ($113 billion) plan to help Ireland come out of the crisis.

He was in favour of the two most powerful multilateral agencies - World Bank and the IMF- be headed by persons from countries other than Europe and the US.

"Let us be candid. I think the so called agreement between the US and European whereby the IMF head was European and World Bank President was an American is over," he said.

"So I think it would be just fair that the next leaders of the two institutions will come from somewhere else in the world," Strauss-Kahn said.

There have been reports that Planning Commission deputy chairman Montek Singh Ahluwalia may be in the race to be the next IMF chief.