Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

India Urges IMF to Implement Quota Reforms, Bats for Increased Share of Emerging Nations

Speaking at 15th General Review of Quotas in Bali, Indonesia on Saturday, Economic Affairs Secretary SC Garg said this agenda of IMF is urgent as there is a deadline fixed for its conclusion next year.

PTI

Updated:October 14, 2018, 11:20 PM IST
facebookTwitterskypewhatsapp
India Urges IMF to Implement Quota Reforms, Bats for Increased Share of Emerging Nations
File photo of IMF Headquarters. (Image: Reuters)
Loading...

New Delhi: Stressing on the need to strengthen institutions like IMF to tackle financial crisis, Economic Affairs Secretary SC Garg called for quota reforms so that share of emerging nations increases in line with their growing economic position.

He also pointed out that protectionism, trade tensions and tightening of financial conditions are challenges for the world.

In the context of these challenges, he said the time for building buffer and policy action by the emerging market economies is not there.

"A suitable approach could be the association of the IMF (International Monetary Fund), being at the centre of the GFSN (global financial safety net), at an earlier stage rather than when crisis has already occurred. Hence, the strengthening of this Multilateral Institution is crucial," he said.

Speaking at 15th General Review of Quotas in Bali, Indonesia Saturday Garg said this agenda of IMF is urgent as there is a deadline fixed for its conclusion next year.

"Both, enhancement in the Quantum of Quota Resources and Realignment of Voting Shares should take place so that Quota Shares of EMDCs (Emerging Market & Developing Countries) increase in line with its growing relative economic position in the world," he said.

Garg also participated in the 98th meeting of the Development Committee Plenary.

He mentioned that India had supported the capital increase of the World Bank Group with the expectation that it will deliver on its core development responsibilities articulated in the Forward Look.

The additional capital would be put to work expeditiously and leveraged to enhance International Bank for Reconstruction and Development (IBRD) lending volumes and International Finance Corporation (IFC) investments, he said.

Pointing out severe flaws in Human Capital Index, Garg said it will not succeed in focusing the attention of the world on building the right kind of human capital, which new technologies will need.

While welcoming the emphasis placed by the World Bank on building human capital, the secretory pointed out that he is not so certain about the Human Capital Index in its current form.

The World Bank ranked India 115th among 157 countries in its first-ever Human Capital Index (HCI), drawing criticism from the Indian government.

India's neighbours Bangladesh, Nepal and Sri Lanka were better placed at 106th, 102nd and 74th position, respectively. The index took into account parameters like child mortality, health and education.

Highlighting that digital technologies are transforming the very system of production of goods and services and their distribution, he said these technologies are in the process of changing the nature of the work and nature of 'jobs' as one knows.

Garg mentioned that India has extensively used digital technologies to build FinTech, most prominently in the payment space.

He said that the Aadhaar system is global scale and is serving India very well in advancing the FinTech agenda.

In the context of debt build-up in low income countries, Garg said harnessing FinTech could also be one way to build fiscal efficiencies, better debt reporting and debt management.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 56.30 -13.91
LIC Housing Fin 414.00 -10.66
Indiabulls Hsg 450.55 -6.82
DLF 144.45 -15.82
Maruti Suzuki 6,208.55 -0.33
Company Price Change %Gain
LIC Housing Fin 412.85 -10.97
Yes Bank 56.30 -13.91
DLF 144.30 -15.91
Indiabulls Hsg 449.90 -6.82
Tata Steel 333.35 -2.83
Top Gainers
Company Price Change %Gain
Britannia 2,440.75 2.36
Dr Reddys Labs 2,545.40 1.69
Tech Mahindra 682.75 1.48
TCS 2,216.00 1.36
HUL 1,872.10 1.19
Company Price Change %Gain
TCS 2,214.90 1.33
HUL 1,872.25 1.21
HCL Tech 1,078.45 0.63
Top Losers
Company Price Change %Gain
Yes Bank 56.30 -13.91
Vedanta 129.05 -7.79
Indiabulls Hsg 450.55 -6.82
Bajaj Finserv 6,767.35 -5.30
Bajaj Finance 3,114.10 -4.52
Company Price Change %Gain
Yes Bank 56.30 -13.91
Vedanta 129.05 -7.76
Bajaj Finance 3,117.80 -4.39
Coal India 180.70 -4.26
Tata Motors 107.65 -4.14

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results