Lagarde pitches for 40% hike in India's IMF quota

Pitching for an increased role for India in world economic affairs, French Finance Minister Christine Lagarde -- the top contender for IMF chief post -- today said the country's quota at the multilateral agency should be raised by 40%.

Lagarde's stance comes even as India is non-committal on supporting her candidature for International Monetary Fund's Managing Director post.

"For India to be properly represented, we have to increase its quota by 40% and its voice by the same amount. I think that process is an ongoing process...," she told reporters here.

According to Lagarde, the IMF should reflect current global economic realities and there is need for greater voice for emerging markets, developing countries in all significant issues confronting the global economy.

India has a quota of 2.34% in IMF, which has 187 countries as members. The US is the largest shareholder in the multilateral lending agency with 16.8% quota share.

"...Size of the economy, contribution to the [global] GDP and the population really has to be taken into account [when looking at representation of emerging nations]. I would certainly support if I am elected [as IMF chief], I would continue that trend of reforms," Lagarde noted.

The reform process at the IMF has been set rolling after the 2008 global financial crisis that severely impacted the developed nations.