G-24 has changed with members becoming important players: FM

"G-24 role has considerably changed from the 70s and 80s ...Today quite a large number of G-24 members are important players and their economy is very strong ...like China, India and Argentina. Therefore, the character G-24 had in the 70s and 80s is no longer relevant now," Mukherjee said in his interaction with the Indian media here yesterday.

Mukherjee, who took over the chairmanship of G-24 on Thursday, had earlier headed the group in 1980s. "I had been elected Chairman of G-24 in 1983-84 and again in 2011-12. Normally, it does not happen," Mukherjee said.

G-24 was founded in 1971 to coordinate the position of developing countries on international monetary and development finance issues. India has taken over the chairmanship of G-24 from South Africa.

"We are not asking for more money. We are addressing the problems which are affecting all of us," Mukherjee said. The Minister, in its acceptance speech after taking over the G-24 chair, had said, "I do believe that the G-24 has an important role to play in fostering dialogue amongst developing countries and in supporting a more inclusive approach in global economic and financial cooperation, including on the development agenda."

"Realising this potential will require enhancing the effectiveness of the group and adapting its role to the changing landscape of global governance. A key prerequisite for effectiveness will be to agree on a limited set of priorities which are of vital importance to us and where we can make a difference," Mukherjee had added.