The ______ of India also is ex-officio Governor on the Board of Governors of the International Monetary Fund.

The correct answer is Finance Minister.

Key Points

• The Finance Minister of India serves as the ex-officio Governor on the Board of Governors of the International Monetary Fund (IMF).
• The Board of Governors is the highest decision-making body of the IMF, composed of one governor from each of the 190 member countries.
• The Finance Minister represents India in international financial institutions like the IMF and World Bank to ensure the country’s participation in global economic governance.
• As ex-officio Governor, the Finance Minister is responsible for attending meetings, voting on key policy decisions, and contributing to discussions on global monetary stability.
• India’s membership in the IMF began in 1945, and the Finance Minister has played a pivotal role in shaping India’s engagement with the institution since then.

Additional Information

• International Monetary Fund (IMF):
  • The IMF was established in 1944 at the Bretton Woods Conference to promote global monetary cooperation and financial stability.
  • It provides financial assistance and policy advice to member countries facing economic crises.
  • The IMF’s main functions include surveillance, technical assistance, and lending to member nations.
  • Its headquarters is located in Washington, D.C., United States.
• Board of Governors:
  • The Board of Governors consists of one governor and one alternate governor from each member country.
  • Governors are usually finance ministers or central bank governors of the respective countries.
  • This body meets annually to discuss the IMF’s work and approve important policy changes.
  • Day-to-day operations are delegated to the IMF’s Executive Board.
• India and IMF:
  • India joined the IMF on December 27, 1945, as one of its founding members.
  • India has actively participated in IMF programs and contributed to global financial discussions.
  • The Finance Minister of India plays a significant role in shaping India’s policy stance in IMF-related matters.
  • India’s quota in the IMF determines its voting power and financial contribution, reflecting its growing economic significance globally.
• Ex-Officio Governor:
  • An ex-officio governor is a member of a governing body by virtue of holding a particular position, in this case, the Finance Minister.
  • This role ensures that India has representation in the highest decision-making authority of the IMF.
  • Through this position, the Finance Minister brings India’s perspective to discussions on global economic and monetary policies.
  • The ex-officio role strengthens India’s ability to influence decisions that impact international financial stability.