The move will help create a niche for Asia’s third-biggest economy within the international financial system, Finance Minister Nirmala Sitharaman said in her speech on Friday. She said it is high time that India not only gets integrated into global value chain of production of goods and services, but also becomes part of the global financial system.

The idea for holding a summit is being mooted when India is looking to attract investments from overseas as it seeks to spur economic growth and generate more jobs. India also wants to tap investors who can help fund 1.5 trillion USD to build infrastructure over the next five years.