Toronto, Oct 4 (IANS): Applauding India for being the fastest growing among the BRICS countries, Finance Minister Arun Jaitley said here India has come a long way from the UPA rule when there were reports of India being dropped out of the association of five major emerging economies.

"Three years ago, when growth in India had slowed down under last government, there were prospects that I read about of 'I' being dropped out of BRICS (Brazil, Russia, India, China and South Africa)," Jaitley said during a discussion at the University of Toronto's Rotman School of Management.

He said that the BRICS economies are facing their own challenges though India is in a changed situation today.

"Now we probably are the fastest growing among BRICS itself," he said.

With BRICS political summit in Goa just round the corner on October 15-16, the Finance Minister said the leaders will be meeting for greater economic cooperation. 

He said India was an important level of cooperation among the BRICS countries. 

"The infrastructure bank (New Development Bank) is in place, projects are being supported, contingency amount is being provided for. It is still in the initial stage. Between the five emerging economies, India is at an important level of cooperation, it is working well," he said.

Jaitley, who is on an official visit to Canada, met Canadian Finance Minister Bill Morneau and Minister of International Trade Chrystia Freeland on Monday.

He also held an interactive meeting with the Canadian Pension Fund Board Members and other fund managers in Toronto.

In the second leg of his trip to the US, Jaitley will attend the annual meetings of the World Bank and the International Monetary Fund (IMF) on October 7-9.

Jaitley is on a seven-day official visit to Canada and the US and will return to India on October 10.