India is now lending to the IMF. We have lent to the tune of $10 billions to the IMF. We do not generally borrow from the IMF. Even when we did (during the worst ecomomic crisis faced by India - early reform years of 90s) the peak borrowing from IMF was to the tune of $5billion. That goes to show the strength Indian Economy has achieved over the duration.It is amazing to know the extent to which Indian economy has travelled the distance that one used to study about in his B-School days. It all happened in front ofour own eyes - despite the cynical views we kept hearing & discussing. We are very much arriving.
In Montek's words - the very creation of G-20 and its acquiring a position of something akin to the security counsil of economic matters is significant for India. How much stregth/ influence Indian can exercise will depend on the size of the economy. Cool & pragmatic. Now hold your breath he says
In the next twenty years - India would be fourth by way of GDP size. China, The USA and Japan being only other higher than us. The catch - we will be fourth largest by GDP - but wouldn't be as rich. Some food for thought there.