IMF has revised its voting system. In it, China’s voting power has increased while that of India has decreased. To give you an idea about this matter, I am quoting from a report of Hindustan Times:
“With today's reform, India's voting rights in IMF gets diminished to 1.91 per cent as against 1.95 previously while that of Brazil gets reduced to 1.40 per cent from 1.43.
Whereas, that of China has increased from 2.98 per cent to 3.72, while Mexico from 1.21 to 1.45, South Korea from 0.77 to 1.35 and Turkey from 0.45 as against 0.55 per cent.”
China, Mexico, South Korea and Turkey are the beneficiaries of the latest IMF reform. Of course, Indians are very unhappy. However, I feel that Indians should do some soul searching about this matter. Well, I think that India has still a long way to go to match China in terms of economic growth and success. That is why China is more important to IMF than India.
What do you think about it?
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