Stressing on the need to strengthen institutions like IMF to tackle financial crisis, Economic Affairs Secretary S C Garg called for quota reforms so that share of emerging nations increases in line with their growing economic position. He also pointed out that protectionism, trade tensions and tightening of financial conditions are challenges for the world.In the context of these challenges, he said the time for building buffer and policy action by the emerging market economies is not there. "A suitable approach could be the association of the IMF ( International Monetary Fund ), being at the centre of the GFSN (global financial safety net), at an earlier stage rather than when crisis has already occurred. Hence, the strengthening of this Multilateral Institution is crucial," he said.Speaking at 15th General Review of Quotas in Bali, Indonesia Saturday Garg said this agenda of IMF is urgent as there is a deadline fixed for its conclusion next year. The index took into account parameters like child mortality, health and education.Highlighting that digital technologies are transforming the very system of production of goods and services and their distribution, he said these technologies are in the process of changing the nature of the work and nature of 'jobs' as one knows.Garg mentioned that India has extensively used digital technologies to build FinTech, most prominently in the payment space.He said that the Aadhaar system is global scale and is serving India very well in advancing the FinTech agenda.In the context of debt build-up in low income countries, Garg said harnessing FinTech could also be one way to build fiscal efficiencies, better debt reporting and debt management.

Source: Economic Times October 14, 2018 15:00 UTC