PM Modi, while speaking at the three-day IMF conference said that reforms in global institutions must reflect changes in the global economy and the rising share of emerging economies.
The International Monetary Fund's longstanding quota reforms will give more say to countries like India in the decision-making process, Prime Minister Narendra Modi said at the first day of the three-day India-IMF conference going on in New Delhi.
Currently, India has voting rights of 2.34% at the IMF, which has 188 members. In terms of quota, India has a share of 2.44%.
Alongside India, it will also give more representation to other emerging market economies like Brazil, China, and Russia -- which would be, for the first time, among the 10 largest members of IMF.
At the conference, Modi addressed the IMF Chief, saying, "Madam (Christine) Largarde, the long pending quota revisions agreed in 2010 have finally come into effect."
He added, "Reform of global institutions has to be an on-going process. It must reflect changes in the global economy and the rising share of emerging economies."
"I am, therefore very happy that the IMF has decided to finalise the next round of quota changes by October 2017," he added.
On Friday, Finance Minister Arun Jaitley moved the Supplementary Demand for Grants in the Parliament seeking a grant of Rs 69,575.47 crore towards the subscription to IMF for an increase in the quota.
Under the quota reforms, more than 6% of quota shares would shift to dynamic emerging markets and developing countries. It would also mark the shift in shares from over-represented to under-represented IMF members.
The reforms, pending for many years, were approved by the US Congress in 2015. The 2010 Quota and Governance reforms were approved by the IMF's Board of Governors in December 2010.
(With inputs from agencies)
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