Union Finance Minister Arun Jaitley has said shareholding of developing nations, including India, in the World Bank Group should be raised to reflect their share in the global economy. Jaitley was speaking at the Plenary Meeting of the Development Committee at Peru in Lima. <br/><br/>Development Committee is the ministerial-level forum of the World Bank Group and International Monetary Fund for intergovernmental consensus-building on development issues. The Finance Minister demanded a significant hike in the capital for developing nations to meet their growing financing needs. He said India expects a dynamic formula for shareholding of the Bank to be finalised by Annual Meeting 2016. <br/><br/>He said as the share of developing countries in the world GDP increases from 39 per cent in 2008-2010 to 49 per cent in 2013-15, shareholding should reflect the same. Jaitley emphasised the need for bigger financing and implementation plans by World Bank Group to achieve the Sustainable Development Goals.