India will continue to perform robustly on the back of credible macroeconomic adjustments and structural reforms," Finance Minister Arun Jaitley told the IMF-World Bank meetings here, days after both the multilateral institutions lowered India's growth projections for this year.
In his address to the plenary session, Jaitley, while taking stock of the growing global economic recovery, underscored the point that India, aided by the sound fundamentals and a number of progressive policy initiatives taken in recent months, will "provide the basis for a strong prognosis and convergence with growth potential".
Jaitley also used the occasion to make a strong pitch for speedy revision of IMF's quota shares in favour of dynamic emerging economies in line with the current global economic realities so as to maintain fairness in the governance structure of the Fund.
"We hope that all this can be accomplished as part of the 15th General Review of Quotas. We should make every effort to complete the 15th Review by the agreed timeline of 2019 Annual Meetings," Jaitley said while in his statement to the plenary session of the IMF-World Bank meeting here.
Commenting on the risks to global financial and economic stability that have significant implications for IMF's own operations, he said the Fund needs to be adequately resourced to meet these demands while functioning as a strong quota-based institution.
"Presently, the Fund's resource base is overly tilted towards borrowed resources and must be realigned appropriately in favoor of quotas going forward," he said, while making the case for urgent quota revision in favour of the dynamic emerging market economies.
Turning to the World Bank Group, he called for early action on the long-pending issue of voice realignment. After the failure of concluding the unanimously agreed lima Roadmap to conclude the 2015 shareholding review by this round of annual meetings, he said: "We strongly urge all to commit to deliver an equitable conclusion of this process for both the IBRD (International Bank for Reconstruction and Development, namely World Bank) and IFC (International Finance Corporation) by the Spring Meetings 2018."
Any further delay in concluding the review will risk not only development in the client countries but the existence and leadership of both Bank and IFC in Multilateral Development Banks, he cautioned.
"Delay in concluding the voice realignment is coupled with risks and delays to the critical agenda of capital increase," he said, adding: "We look for an expeditious decision on capital enhancement through both selective capital increase (SCI) and general capital increase (GCI) for both the IBRD and IFC, by Spring Meetings 2018."