Bretton Woods at 80: India’s Role in Creating the World Bank and IMF with Mr. Vikram Raghavan

On August 28, 2024, Takshashila Institution hosted Mr. Vikram Raghavan, Lead Counsel at the World Bank, for a talk on ‘Bretton Woods at 80: India’s Role in Creating the World Bank and IMF.’ Speaking in his private capacity, Mr. Raghavan explained the competing proposals for post-war reparations, the Keynes Plan and the White Plan. On India’s contribution to Bretton Woods, Mr. Raghavan highlighted how the Indian government sought extensive consultations from the RBI and chambers of commerce. He discussed the prominent members of the Indian delegation and how India was recognized as an independent entity at the conference.

Mr. Raghavan recounted how the British delegation, including Sir Jeremy Raisman of the Indian delegation, revised the American Plan during their voyage to New York on the Queen Mary. He also mentioned a secret pre-conference meeting at a US beach, where heavy negotiations took place among the US and British delegations, with Sir Jeremy in attendance. India’s bold proposal that the fund should have a development mandate was debated and eventually agreed upon at Bretton Woods. India also contributed to World Bank’s Article 1.

He explained India’s formal membership in the Bank and Fund, noting the lengthy ratification process. Mr. Raghavan concluded by emphasizing that India became the World Bank’s biggest borrower and a development laboratory for the bank, and acknowledged the policy contributions of Indian Executive directors in the Bank and the Fund.