WB wants greater Indian role in mitigating financial crisis

WASHINGTON: Observing that India under Prime Minister Manmohan Singh and Planning Commission Deputy Chairman Montek Singh Ahluwalia has "a great team", the World Bank has said it would like New Delhi to take up more responsibilities in mitigating the current global economic crisis.

Addressing a press conference, World Bank President Robert B Zoellick said as India along with other emerging economies seeks to increase its share and rights in the world financial institutions, it should help in infrastructure investment, maintain an open market, share knowledge and experiences with developing world and pump in more capital.

"India's responsibilities like others will be to maintain an open trade market, because India not only benefits but also enables exports by some of these developing countries," he said in response to a question.

The press briefing was being held before the start of the Spring Meeting of the World Bank and the International Monetary Fund.

Due to the ongoing general elections, Ahluwalia is representing India at this meeting, which is normally attended by the Finance Minister or a Cabinet Minister.

Zoellick said he will meet Ahluwalia later this week.
Zoellick said India "can help us" with infrastructure investment so as to remove some of the growth bottlenecks. Secondly, he said, the World Bank and the IMF are working with India in the field of knowledge sharing with other developing countries. "It will be helpful if India could share some of the knowledge and experiences it has with other developing countries," Zoellick said.

He said taking support of Indian companies, which are more actively involved in global investment and commerce, is another aspect which he would like New Delhi to help with.

Last month, Zoellick had an hour long meeting with the top leaders of the Indian industry under CII, which was led by Air Tel's Sunil Bharati Mittal.

"Within the World Bank as an institution, if one increases shares, it also needs more capital input," he said, adding, "Overtime, it would be helpful, for India to look at ways for it to help other developing countries with direct or indirect resources".

"We also look at growing developing economies to help the neighbors with knowledge investment," he said.