Global financial governance should give place for emerging economies: Indian envoyIndia News and Travel Times Provides India-centric and other News and Features

Indian Ambassador to the United States Meera Shankar said on Thursday that India will pursue reform of the governance structure of international financial institutions and changes in the international financial architecture so that they reflect the contemporary world. Speaking to the media here on the eve of the G-20 Summit, Shankar said the voice of the new emerging market economies have to be accommodated and international financial institutions must reflect the existing world. She also stressed on the need of accommodating new players whose actions impinge on the global situation. Shankar added that there is a whole question from India's point of view of reform of the international financial architecture. At the first G-20 Summit in Washington Prime Minister Manmohan Singh had proposed that emerging economies should be included in institutions like the Basel Committee on Banking reforms and financial Stability Board of the international Monetary Fund (IMF). She said that India is glad that these suggestions have been taken on board and we have now been included in these institutions, but the whole question of the reform of governance structure and vote share in these key institutions still remains. Giving a broad overview of the important issues Shankar said the G-20 Summit will review the concerted policy responses which countries had taken in the wake of the economic crisis.