NEW DELHI: Assuring that 21st century shall remain the Asian Century, Prime Minister Narendra Modi on Saturday said that Asia is the ray of hope for global economic recovery and India has a special place in Asia. Also, it has historically contributed to Asia in several ways.

Modi speaking at the International Monetary Fund (IMF)-Ministry of Finance conference on ‘Advancing Asia: Investing for the Future’, said reforms of global institutions like IMF has to be an on-going process. But even now IMF quotas do not reflect global economic realities.

Hence, he is happy about IMF’s decision to finalize the next round of quota changes by October 2017.

He also pointed out that policies which provide a stable macro economy, enhance growth and further inclusion is to be promoted. Additionally, IMF could help in making such policies.

Asia is the ray of hope for global economic recovery – Modi at ‘Advancing Asia’ Conference

Other Key highlights from his speech are

“India has dispelled the myth that democracy and rapid economic growth cannot go together.”
“India has also shown that a large, diverse country can be managed in a way that can promote economic growth and maintain social stability.”
“Entrepreneurship is also booming in the country following a series of steps we have taken.”
“Corruption and interference in the decisions of banks and regulators are now behind the government.”
“We aim to double the farmer incomes. Also we have increased investment in the rural and agriculture sector because that is where a majority of India still lives.”

Christine Lagarde, the MD of the IMF, was pleased about India’s entry into the top 10 members list of IMFalong with China and Japan.

He added that India might become the largest global economy in the world probably in the next decade. And then he exchanged MoUs with Finance Minister Arun Jaitley to establish the IMF Assistance Centre in India.