Union Finance Minister Arun Jaitley has said that shareholding of developing nations, including India, in the World Bank Group should be raised to reflect their share in the global economy. <br/><br/>Mr Jaitley was speaking at the Plenary Meeting of the Development Committee at Peru in Lima on Sunday. <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. <br/><br/>The Finance Minister demanded a significant hike in the capital for developing nations to meet their growing financing needs. <br/><br/>He said that India expects a dynamic formula for shareholding of the Bank to be finalised by Annual Meeting 2016. <br/><br/>He also said that 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. <br/><br/>He said that Strong and inclusive economic growth is necessary for the developing economies to grow, prosper and develop sustainably. <br/><br/>He said, such growth is also necessary for achieving the Sustainable Development Goals, SDGs as well as the twin goals of the World Bank. <br/><br/>Mr Jaitley also emphasised the need for bigger financing and implementation plans by World Bank Group to achieve the SDGs. <br/><br/>He said that India, Bangladesh and Bhutan are early dividend countries and are taking steps to leverage their demographic transition to achieve the SDGs.