India has called for an urgent revision of the quota of International Monetary Fund in favour of dynamic emerging market to reflect the ground realities of the world. <br/><br/>Addressing the annual meetings of the IMF and the World Bank Washington, Finance Minister Arun Jaitley expressed hope that this can be done as part of the 15th General Review of Quotas.<br/><br/>Mr. Jaitley warned that any further delay in concluding the review will risk not only development in the client countries but the existence and leadership of both Bank and International Finance Corporation in multilateral development banks. <br/><br/>He said the risks to global financial and economic stability have significant implications for IMF's operations. He also said the IMF needs to be adequately resourced to meet these demands while functioning as a strong quota-based institution.'<br/><br/>The Minister in the IMF meeting said, in India, the sound fundamentals and number of progressive policy initiatives have been taken in the last few months will provide the basis for a strong prognosis and convergence with growth potential. Mr Jaitley also assured the world financial leaders that India will continue to perform robustly on the back of credible macroeconomic adjustments and structural reforms.'<br/><br/>The Minister, talking a group of Indian reporters on Indian economic reforms at a news conference in Washington said that some of the key reforms, including demonetisation and the GST, were carried out keeping in mind their long-term benefits to the country's economy and as a result India's growth rate is now headed for a higher trajectory. <br/><br/>He said, when the world was growing at two-and-a-half per cent, India was the fastest-growing major economy in the world. Responding to a question on the next phase of reforms, Jaitley said the government would now focus on large-scale investment in the infrastructure sector and rural area.<br/><br/>In response to another question on visa issues Mr jaitley said, that Indian IT professionals coming to America on H-1B visa are not illegal economic immigrants and the US must decide appropriately while taking a decision on its visa policy.