Finance Minister Arun Jaitley in his address to the 93rd meeting of Development Committee of the World Bank in Washington, said India has created a favourable investment climate in all sectors which has resulted in a hefty increase in FDI in the last two years.
| |
He added that Foreign Direct Investment (FDI) inflow in India has witnessed hefty increases of over 30-40 per cent in last two years, catapulting India into 7th largest FDI destination in the World. The Finance Minister has also asked the World Bank to increase its developmental fund to USD 100 billion a year from the existing USD 50-60 billion and called for enhancing the share and voice of developing nations in the management of institutions providing assistance under it. He added that this would require that the economic weight captured by GDP remain the primary factor in the formula, with share of purchasing power parity based GDP of not less than 60 per cent. Union Finance Minister Arun Jaitley, who is on a US visit, on Saturday called on the IMF to examine the adequacy of its resources and whether they are sufficient for future proofing the global economy against recurrence of financial crisis. In his address to the International Monetary and Finance Committee on Saturday, Arun Jaitley said that IMF is in unique position to take this responsibility but needs to be strengthened further through reforms in its governance. Noting that global growth has weakened further and financial market conditions have worsened, he said global recovery is affected by subdued growth and low productivity in Advanced Economies and elevated risks faced by Emerging Market Economies. | |
No comments:
Post a Comment