India recovering well; quota in IMF board to go up: IMF Chief

The International Monetary Fund head Dominique Strauss-Kahn has said the Indian economy is recovering well and New Delhi would get higher quota in the IMF board, review of which is currently underway, reflecting its enhanced economic standing.

"Indian quota in the IMF board should be higher. I think that the solution that would be chosen will increase not only the quota of India, but also ranking of India among the 187 countries," the IMF Managing Director Strauss-Kahn said yesterday.

Despite the increase in quota for India it would still be argued by some that this increase is not enough, he said, adding that this change in quota is not the end of the game as there would be another round of review in the next few years.

"It is a step by step process," Strauss-Kahn, told a group of reporters ahead of the next week's annual meeting of the IMF and the World Bank.

The Union Finance Minister Pranab Mukherjee would lead the Indian delegation for the meeting.

Strauss-Kahn said the IMF has provided various scenarios to its members on how to resolve the voting shares issue.

A solution could come at the annual meeting or at a G-20 conference in South Korea later this year, he said.

"The Indian recovery is doing well. There are still concerns about inflationary risks and the banking sector¿ but I am rather happy with the way India is going out of this crisis," Strauss-Kahn said, adding that he had a very good discussion with the Indian delegation,including the Governor of the Reserve bank of India, at the last meeting.

"Globally the Indian economy, as most of the Asian economies are getting out of this crisis in a nice way. There are some concerns which are well known, which haven't changed a lot with the crisis, including the question of opening or not public debt to foreign creditors," he said in response to a question.

"I can understand the reluctance of the Indian authorities to open this. That question we are going to discuss with them(Indian delegations) again," Strauss-Kahn added.

Globally, I see the Indian economy doing well in the coming few years, the IMF Chief said.