nternational     onomi    r anisations     ndia     16.7
                assistance in financing, execution and            The Organisation for European Economic
                project proposals;                           Cooperation (OEEC) was established in 1947
         (iii) Co-operating with the UNO and other           to run the US-financed Marshall Plan for
                international institutions—public and        reconstruction of a continent ravaged by war.
                private—and undertaking other activities     By making individual governments recognise the
                and provide other services advancing its     interdependence of their economies, it paved the
                purpose.                                     way for a new era of cooperation that was to change
           India’s subscription to the Bank’s capital stock  the face of Europe. Encouraged by its success and
     is 7.190 per cent with a voting power of 6.050 per      the prospect of carrying its work forward on a
     cent (as per the ADB Annual Report, 2016).              global stage, Canada and the US joined OEEC
           India started borrowing from ADB’s Ordinary       members in signing the new OECD Convention
     Capital Resources (OCR) in 1986. The Bank’s             on 14 December, 1960. The Organisation for
     lending has been mainly in the energy, transport        Economic Co-operation and Development
     and communications, finance, industry and social        (OECD) was officially born on September 30,
     infrastructure sectors.                                 1961, when the Convention entered into force.
           The Bank has extended technical assistance to          Other countries joined in, starting with Japan
     India in addition to loans from its OCR window.         in 1964. Today, 35 OECD member countries
     The technical assistance provided include support       worldwide regularly turn to one another to
     for institutional strengthening, effective project      identify problems, discuss and analyse them, and
     implementation and policy reforms as well as for        promote policies to solve them. The track record
     project preparation.                                    is striking. The US has seen its national wealth
           India holds the position of Executive             almost triple in the five decades since the OECD
     Director on the Board of Directors of the Bank—         was created, calculated in terms of gross domestic
     its constituency comprises India, Bangladesh,           product per head of population. Other OECD
     Bhutan, Lao PDR and Tajikistan. The Finance             countries have seen similar, and in some cases even
     Minister is India’s Governor on the Board of            more spectacular, progress.
     Governors of the Asian Development Bank and                  There are many countries that a few decades
     Secretary (EA) is the Alternate Governor.               ago were still only minor players on the world
                                                             stage—China, India and Brazil have emerged as
        oeCd                                                 new economic giants. Most of the countries that
                                                             formed part of the former Soviet bloc have either
     The roots18 of the Organisation for Economic            joined the OECD or adopted its standards and
     Co-operation and Development (OECD), Paris,             principles to achieve the common goals. Russia is
     go back to the rubble of Europe after World             negotiating to become a member of the OECD,
     War II. Determined to avoid the mistakes of             and now the organisation has close relations with
     their predecessors in the wake of World War             Brazil, China, India, Indonesia and South Africa
     I, European leaders realised that the best way          through its ‘enhanced engagement’ programme.
     to ensure lasting peace was to encourage co-            Together with them, the OECD brings around
     operation and reconstruction, rather than punish        its table 40 countries that account for 80 per cent
     the defeated.                                           of world trade and investment, giving it a pivotal
       18.    Publication Division, India 2012 (New Delhi:   role in addressing the challenges facing the world
              Government of India, 2013), p. 418.            economy.