Aus to give weightage to 'major economies' like India at G20

Australia today said it will press for specific measures like macroeconomic coordination, reform of the international financial institutes to give weightage to major economies like India at the G20 ministerial meeting in Sydney to spur growth and make the global economy resilient.
Describing India as a "strong player", Australian High Commissioner Patrick Suckling said it can play a significant role in formulating effective policy initiatives to promote strong economic growth.
The G-20 ministerial meeting will be held on Saturday under Australia's presidency which will be attended by finance ministers and central bankers of the powerful grouping. India will be represented by Finance Minister P Chidambaram and RBI Governor Raghuram Rajan.

"India has the potential to play a significant role. We look at India as a significant economy with significant expertise," Suckling told reporters here while elaborating on Australia's agenda at the meeting.
Observing that investment in infrastructure can boost the world economy to a large extent, he said both India and Australia were looking at infrastructure development which can fuel growth and productivity.
He said "Chidambaram, who is recognised world-wide for his expertise in economics" and Rajan would help the meeting formulate policies to drive the economic growth.

Suckling said Australia will strongly push for structural changes in world economic system, particularly reform of the international financial institutions to ensure "more weightage" to emerging economies like India, China and Brazil.

"We strongly support greater role for emerging economies like India, China and Brazil in the world economic system," he said.
India is also likely to vigorously push for early completion of the IMF quota reforms at the meeting of the G20, considered as a powerful body that acts as a trouble shooter of the world economy.