E-Paper
India gains more say in World Bank
India's say in the World Bank has increased a bit after member nations approved a shift in voting rights, while its peer China's voice in the funding agency has grown louder than that of Germany, France and the UK.
India's say in the World Bank has increased a bit after member nations approved a shift in voting rights, while its peer China's voice in the funding agency has grown louder than that of Germany, France and the UK.
Both India and China hitherto enjoyed an identical 2.8 per cent voting rights. While India's voting power stands increased
to 2.9 per cent, that of China leaped to 4.4 per cent — placing it third overall.
India is now the seventh largest member in terms of voting power, with United States leading the table with 15.9 per cent, Japan (6.8 per cent), China (4.4 per cent), Germany (4.0 per cent), France (3.8 per cent) and the UK (3.8 per cent).
Membership of the financial institution gives certain voting rights that are the same for all countries, but additional votes are granted depending on a cou-ntry's financial contributions.
Since 2008, emerging economies have overall gained 4.6 per cent in voting rights.
"The change in voting-power helps us better reflect the realities of a new multi-polar global economy where developing countries are now key global players," said World Bank President Robert B Zoellick.
