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India satisfied with the outcome of G20: Chidambaram.

Last Updated: Sunday, February 23, 2014 - 13:07

Zee Media Bureau

New Delhi: Finance Minister P Chidambaram on Sunday said India was satisfied with the outcome of the G20 summit that was held in Sydney on February 22-23.

Chidambaram, who represented India along with RBI Governor, Raghuram Rajan, said the country's concern with regards to tapering, IMF quota reforms were addressed at the G20 communique and that it was satisfactory.

India's concerns with regard to tapering, IMF quota reforms were addressed in the G20 communique, the Finance Minister said.

The G20 Sydney Summit 2014 concluded Sunday with the finance ministers and central bankers of the countries adopted a soft target of raising the global GDP by 2 percent in the next five years.

On the other hand, the G20 countries also regretted that the IMF quota reforms were stalled as the United States was yet to ratify them.

The IMF quota reform seeks to increase the voting share of emerging economies including India. However, it hit a roadblock when the United States refused to increase it contribution.

"We deeply regret that the IMF quota and governance reforms agreed to in 2010 have not yet become effective and that the 15th General Review of quota was not completed by 2014," the communique said.

P Chidambaram said the communique fully reflected the concerns of the country.

"The communique has been drawn by the deputies sitting together and I think our concerns have been fully reflected in the communique," he said.

With Agency Inputs

First Published: Sunday, February 23, 2014 - 13:07
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