The global association of financial institutions, IIF, will hold its annual 2011 spring meeting in New Delhi, capital of India, reflecting the significance attached to emergence of India as a major global economic power.
Created by 38 banks of industrialised countries in 1983 in response to the global debt crisis in the early 1980s, IIF is the world's only international association of financial institutions.
"We consider it important to deepen our dialogue with the private financial sector and we welcome the decision of the Institute to move
forward and hold its 2011 global membership meeting in New Delhi," India's Finance Minister Pranab Mukherjee said welcoming the announcement of IIF.
The Indian government wants to underscore its determination to work closely with international finance to strengthen the global economy, he said in his remarks.
Announcing IIF's decision, its managing director Charles Dallara said the meeting would take place in March next year.
"We want to express our gratitude to Minister Mukherjee and the Government of India, as well as our thanks to India's foremost financial services firms, for working with us as we plan what will be a major international meeting of leaders of finance from both public and private sectors," Dallara said.
He said the sound effective macroeconomic policies pursued by the Indian Government enabled it to demonstrate resilience during a period of
global economic crisis.
The IIF projects that Indian economy will rise by around 8.5-9 per cent this year, before easing slightly to 8 per cent in 2011-12, he said.
Hung Tran, IIF deputy managing director, pointed out that the IIF has been playing an increasing role in bringing public and private sector leaders together on the key G-20 topics.
"On the eve of the G-20 Summit in Canada it is particularly important to stress that India - which today is the eleventh largest economy in the world - is providing vital support for global economic recovery," Dallara said.
"India's membership of the G20 is a testimony to its growing economic prominence and leadership role in helping to shape global policies. We are pleased to play a role in helping to build India's important dialogue with
the private financial community," he said.