Prime Minister Narendra Modi on Saturday said that reforms of global institutions has to be an on-going process adding that it must reflect changes in the global economy, and the rising share of emerging economies.
Prime Minister Modi, while speaking at International Monetary Fund-Ministry of Finance conference on 'Advancing Asia: Investing for the Future', pointed out that even now IMF quotas do not reflect the global economic realities.
"I am, therefore very happy that the IMF has decided to finalize the next round of quota changes by October 2017, India has always had great faith in multi-lateralism," he said.
The Prime Minister further said that the IMF has built up an immense stock of economic expertise and all its members should take advantage of this.
"All of us need to pursue policies that provide a stable macro economy, enhance growth and further inclusion, apart from advice; the IMF can help in building capacity for policy making," he added.
Asserting that Asia is the ray of hope for global economic recovery, Prime Minister Modi said many knowledgeable people have said that the twenty first century is and will be the Asian Century.
