India hopes to increase share in quotas of development banks
India hopes to increase its share in the quotas of multilateral development banks like the International Monetary Fund and Asian Development Bank.business Updated: Apr 04, 2009 15:52 IST
India hopes to increase its share in the quotas of multilateral development banks like the International Monetary Fund and Asian Development Bank after major stakeholders in them bring forward the issue of quota review and expanding in accordance with current realities that will give proper representation to the emerging economies.
Indian sources are upbeat about such a development in the context of the just-concluded summit here of the 20 industrialised and emerging economies which have agreed to expand the resources of the IMF and ADB and to also bring forward the quota review in the IMF.
The Indian side is also conscious of the fact that such a review was not going to happen overnight but was sure that it cannot be postponed for long.Prime Minister Manmohan Singh himself indicated as much when he said at the end of the Thursday summit that India can consider increasing the contribution to IMF in proportion to its quota though it has not visualised approaching the institution for borrowing in the near future.
India is also not unduly worried about, what some analysts say, is the "growing weightage" for China in institutions like the IMF as it feels that China is definitely a stronger and bigger economy than India but both have their "own strengths and weaknesses".