IMF Quotas Do Not Reflect Global Economic Realities: PM Modi

New Delhi: Prime Minister Narendra Modi addressed the "Advancing Asia Conference" in Delhi. Below are the highlights:
 

• Madam Lagarde, the long pending quota revisions agreed in 2010 have finally come into effect
• 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
• Even now IMF quotas do not reflect the global economic realities
• I am very happy that the IMF has decided to finalise the next round of quota changes by October 2017
• India has always had great faith in multilateral-ism
• All of us need to pursue policies that provide a stable macro economy, enhance growth and further inclusion
• Many knowledgeable people have said that the 21st century is and will be the Asian Century
• Asia is the ray of hope for global economic recovery
• India has a special place in Asia. It has historically contributed to Asia in several ways.
• India has dispelled the myth that democracy and rapid economic growth cannot go together
• India has also shown that a large, diverse country can be managed in a way that can promote economic growth and maintain social stability
• Our rapid economic growth is also very distinct in Asia. We have never tried to gain in trade at expense of our partners
• I firmly believe that India can contribute to Asia's stability and prosperity
• We have improved our economic governance
• Corruption and interference in the decisions of banks and regulators are now behind us
• We have opened up nearly all sectors of our economy to Foreign Direct Investment
• We have increased investment in rural and agriculture sector because that is where a majority of India still lives
• We are introducing reforms in agricultural marketing and have launched a major crop insurance programme
• We have a skilled development programme that cuts across 57 sectors
• India is one of the few countries to have a carbon tax in the form of cess on coal
• We are looking to transform 'Look East' policy into 'Act East' policy