Mar 14, 2016 08:21 AM IST | Source: CNBC-TV18

IMF quotas still do not reflect global economic reality: PM Modi

For a poor natiion to respect the legitimacy of institutions like IMF, they must be able to aspire and hope, Prime Minister Narendra Modi said

Prime Minister Narendra Modi Saturday said that even after the revisions in quotas that better reflect the stature of emerging economies in the world order, more needs to be done.

He was speaking at the IMF/Government of India conference on Advancing Asia.

"Even now IMF quotas do not reflect global economic realities," Modi said, adding, "change in quotas is not an issue about increasing the power of certain countries. It is an issue about fairness and equality."

"The belief that quotas can be changed is essential for the fairness of the system. For a poor natiion to respect the legitimacy of such institutions, they must be able to aspire and hope," he said, adding he was happy at IMF having finalised the next round of quota changes by October 2017.

Modi said India was a great believer in multilateralism.

"As the world becomes more complex, the importance of multilateral institutions will increase," Modi said.

He said that Asia was a ray of hope in the global economy and within Asia, India had a special place.

Modi said India was an example of managing both economic growth and social stability. 

Watch video for full speech by Prime Minister Modi

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