The government today approved a proposal to increase the country's contribution to the International Monetary Fund (IMF), which would make it the eighth-largest shareholder in the Washington-based multilateral agency.
The Cabinet's approval to increase India's quota in the IMF follows Fourteenth General Review of Quotas of the agency.
"India's quota share at the IMF will increase from 2.44% to 2.75%, making it the 8th largest quota holding country at the IMF," Information and Broadcasting Minister Ambika Soni said after the Cabinet meet.
Significantly, India's gain in terms of quota share is the seventh largest in 14th round of quota review.
In absolute terms, New Delhi's quota will increase from SDR (special drawing right) 5,821.5 million to SDR 13,114.4 million.
When the Fourteenth General Review of Quotas becomes effective, Soni said it will result in a major realignment of quota shares among members to better reflect the global realities.
All the BRIC (Brazil, Russia, India and China) countries would now be among the 10 largest quota shareholders at the IMF.
Emerging nations, including India, want greater say in the IMF in line with their increased economic clout. The US and Europe together accounts for a significant share in the IMF.
