PM Modi pitches for further quota reforms at IMF; says Asia ray of hope for global economic recovery

Asserting that Asia is the ray of hope for global economic recovery, Prime Minister Narendra Modi on Saturday said that India has dispelled the myth that democracy and rapid economic growth cannot go together.
Addressing MOF-IMF Conference on ‘Advancing Asia: Investing for the Future’, Prime Minister Narendra Modi stated that reform of global institutions has to be an on-going process, adding, it must reflect changes in the global economy, and the rising share of emerging economies.
“India has always had great faith in multi-lateralism. All of us need to pursue policies that provide a stable macro economy, enhance growth and further inclusion,” said Modi
Stating that Asia is the ray of hope for global economic recovery, Modi added, “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 & 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. We have achieved major gains in macro economic stability,” he added.
Prime Minister Modi in his speech also recalled India’s 70 years old association with IMF.
Appreciating continuing reform process in the country, IMF chief Christine Lagarde said “India’s star shines bright” amid global economic challenges and can deliver nearly two-thirds of the worldwide growth over the next four years despite a slowing momentum.
The world’s fastest-growing large economy, she said, is on the verge of having the largest and youngest-ever workforce and, in a decade, set to become the world’s most populous country.
“So, India stands at a crucial moment in its history — with an unprecedented opportunity for transformation.
Important reforms are already under way,” the IMF Managing Director said at a conference on ‘Advancing Asia: Investing for the Future’ here.
“Think, for example, of Make-in-India and Digital India. And with the promise of even more reforms to come, India’s star shines bright.”