Finance Minister Arun Jaitley on Monday pitched for early implementation of the 2010 IMF quota governance reforms.
In his meeting with the visiting IMF chief Christine Lagarde, Jaitley also said that the Indian economy was fundamentally strong and forward looking.
He elaborated on the reforms under way and the commitment of the Government to accelerate growth while adhering to the path of fiscal discipline.
Jaitley and Lagarde agreed to jointly host a high-level conference, called ‘Advancing Asia: Investing for the Future’, in March 2016, in India.
The conference will showcase the quick rebound by the Asia-Pacific region from the global financial crisis of 2008 and how India and several other countries in the region have grown rapidly since.
This will be the first time such an economic conference is being held in India.
Earlier in the day, Lagarde said at a public lecture that India deserved a “bigger say” in the IMF.
“We are working precisely on that — on implementing reforms that will lift India to the top 10 shareholders in the IMF,” said Lagarde.
Part of the reason for the IMF quota reforms slowing down is the dithering by the United States in going ahead, Lagarde noted at the event, in response to a question.
During the first day of her two-day India visit, which began on Monday, Lagarde also met Prime Minister Narendra Modi.
She will meet Reserve Bank of India Governor Raghuram Rajan in Mumbai on Tuesday and also attend an event organised by the central bank.