India ‘s Finance Minister Arun Jaitley has said that shareholding of developing nations, including India, in the World Bank Group should be raised to reflect their share in the global economy.
Mr Jaitley was speaking at the Plenary Meeting of the Development Committee at Peru in Lima on Sunday.
Development Committee is the ministerial-level forum of the World Bank Group and International Monetary Fund for intergovernmental consensus-building on development issues.
The Finance Minister demanded a significant hike in the capital for developing nations to meet their growing financing needs.
He said that India expects a dynamic formula for shareholding of the Bank to be finalised by Annual Meeting 2016.
He also said that as the share of developing countries in the world GDP increases from 39 per cent in 2008-2010 to 49 per cent in 2013-15, shareholding should reflect the same.
He said that Strong and inclusive economic growth is necessary for the developing economies to grow, prosper and develop sustainably.
He said, such growth is also necessary for achieving the Sustainable Development Goals, SDGs as well as the twin goals of the World Bank.
Mr Jaitley also emphasised the need for bigger financing and implementation plans by World Bank Group to achieve the SDGs.
He said that India, Bangladesh and Bhutan are early dividend countries and are taking steps to leverage their demographic transition to achieve the SDGs.