As a debate rages on over a double-dip recession, the Indian government has asked the global fraternity to think out of the box.
With developing countries witnessing volatile capital flows, India also asked the International Monetary Fund (IMF) to see that managing these investments should not be seen as a problem of just developing nations.
"There are indications that the world could be engulfed in another economic crisis, with serious repercussions for the poor and vulnerable. In such circumstances, we need to be prepared to think out of the box and reflect on what are the important issues the World Bank should be addressing," Finance Minister Pranab Mukherjee said.
In his interventions in a World Bank Development Committee meeting, he said while the response of the World Bank Group to the last crisis was exemplary, as the world stood on the brink of a recession and continued to hope it would be averted, the lack of adequate financial capacity in the Bank was an area of worry.
"Our concern is that when a new crisis unfolds, IBRD and the IFC (two World Bank arms) will be mute spectators," the finance minister said.
A level of $15 billion of annual lending by the Bank would be inadequate to meet even the normal needs of development finance
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