British Prime Minister David Cameron on Tuesday said an Indian or Chinese could be the next chief of the International Monetary Fund, and played down the chances of his predecessor Gordon Brown taking over the key position.
The gold reserves remained stable at $19.335 billion.
Measures adopted by the European Central Bank and the International Monetary Fund are sufficient to prevent the Eurozone crisis from spilling over to other parts of the globe, a senior Canadian minister said on Tuesday.
The Sensex was mainly dragged by Tata Motors, ICICI Bank, Bharti Airtel and Reliance Industries -- shedding as much as 4.60 per cent.
Finance Minister Pranab Mukherjee on Wednesday said Indian markets cannot remain immune to the Eurozone debt problems and will feel the impact if the $1 trillion bailout package by the European Union and the International Monetary Fund does not inspire confidence.
Eurozone leaders have agreed on a bailout package of nearly $1 trillion (750 billion euro) for Greece, as part of their concentrated efforts to prevent the debt crisis contagion from spreading to other nations.
As the states showed progress in fighting the deadly contagion, governors Andrew Cuomo and Philip Murphy have begun to offer details on reopening in the months ahead.
The Greek debt crisis shows clearly that if the eurozone is to come out of this crisis relatively unscathed, it needs a full-time fiscal-monitoring and crisis-resolution mechanism.
The finance ministers of 16 nations that use the euro Sunday night sealed a 110-billion euro bailout package for heavily indebted Greece over three years after the country's government agreed to a new round of tough austerity measures.
Subbarao said in terms of the risk to growth inflation outlook, the first would depend on global recovery and if it fails, could have an impact for India.
The World Bank and The International Monetary Fund concluded their annual spring meeting here by increasing the voting rights of India, China and Brazil, among others, thus giving them more say in the institutions' functioning.
The Planning Commission on Thursday described the International Monetary Fund's growth projection of 8.8 per cent for India as optimistic and said the panel would stick to its outlook.
India's foreign exchange reserves surged by a healthy $2.788 billion to $343.2 billion in the week to April 17.
The gold reserves remained unchanged at $18.691 billion.
Kalpana Kochhar, country head-India of the International Monetary Fund, says it is 'very difficult not to be bullish on India'
Buoyed by an increase in public investment and incentives to boost manufacturing, India's economy is expected to grow by 8.3 per cent in the fiscal year 2021-22, less than the previous projection early this year before the country was hit by the second wave of the COVID-19 pandemic, the World Bank has said in its latest report. World Bank chief economist for the South Asia Region Hans Timmer told PTI here that when one looks at the high frequency data, they see that as a result of the second wave of the COVID-19 pandemic, the recovery paused, and some indicate that the recovery actually declined briefly. "We project for this fiscal year 8.3 per cent (growth rate for Indian economy) that is less than we projected early in the year before the health crisis caused by the second wave. "Given the sharp contraction of the economy last year, it might not look like a lot, but in my view, that is actually very positive news, given the violent second wave and the severity of the health crisis," he said on Thursday.
For the current fiscal, the fund said the economy would grow by 6.7 per cent, much lower than the 7.2 per cent projected by the Central Statistical Organisation.
IMF's change of heart on capital controls is important, but it needs to be followed by further action.
The gold reserves remained unchanged at $18.691 billion in the week.
Strauss Khan argued that the stimulus measures adopted by countries to combat the global crisis should be withdrawn only when the economic recovery has taken hold and unemployment is set to decline.
Country's foreign exchange reserves dropped by $2.063 billion to $ 335.729 billion in the week to March 13.
India last year announced tax cuts and increased expenditure to prop up the economy hit by the global economic slowdown.
If Kamal Nath launches a broadside, it is because his ministry now can no longer afford to ignore the advice that comes from Yojana Bhavan.
The IMF on Tuesday projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic. The Washington-based global financial institution, in its annual World Economic Outlook ahead of the annual Spring meeting with the World Bank, said the Indian economy is expected to grow by 6.9 per cent in 2022. Notably in 2020, India's economy contracted by a record eight per cent, the International Monetary Fund (IMF) said as it projected an impressive 12.5 per cent growth rate for the country in 2021.
India's external debt rose by 16.46 per cent to $261.4 billion at the end of 2009-10 on the back of an improved liquidity in the global financial system along with an additional allocation of special drawing rights of the International Monetary Fund.
Foreign exchange reserve, often taken as a yardstick to gauge a country's financial strength, are the foreign currency deposits and bonds held by central banks or monetary authorities (it is Reserve Bank in case of India).
The International Monetary Fund has said that it expects India's economic growth to accelerate and inch closer to that of China.
Pointing out that action should be immediate, IMF said there should be a collective effort and that each country that has fiscal space should contribute. According to the agency, as the current crisis would last at least for several more quarters, the fiscal stimulus can rely, more than is usual, on spending measures.
The IMF members' investment in the fund's securities will boost the fund's capacity to help member countries, particularly developing and emerging market countries, cope with the crisis and thus benefit all members by facilitating an early recovery of the global economy. At the same time, the new notes will offer members a safe investment instrument with reasonable return.
The country will get more voice in decision-making at IMF.
Foreign currency assets surged $2.541 billion to $284.571 billion in the period.
Democracy, nation-state and globalisation can't go together; we can have at the most two at one time, says Dani Rodrik.
The International Monetary Fund has welcomed the decision of the United Arab Emirates to come to the rescue of its banks in Dubai and said it is monitoring the situation that took the world market by surprise.
The Indian economy, by and large, will withstand the current crisis like it withstood the Asian and Western world credit crises.
Many in the US establishment must hope that the crisis would put the brakes on China's growing military might. Well, it ain't gonna happen, says T T Ram Mohan, who was appointed a member of the prime minister's economic advisory council on Wednesday, October 28, 2021.
Advanced economies are projected to grow by just 2.7 per cent in 2010 and 2.2 per cent in 2011, the IMF report said.
India is expected to grow by 8.75 per cent in 2010 and 8.5 per cent in 2011, driven by a strong domestic demand, International Monetary Fund said in its 2010 World Economic Outlook released here on Wednesday.
The IMF proposals will be reviewed by the finance ministers of G-20, whose representatives are in Washington for meetings this week, The Post reported.
The deteriorating global economy means financial institutions now face total losses of $4,100bn on loans and other assets, the International Monetary Fund said on Tuesday, urging governments to take "bolder steps" to shore up institutions - including nationalising them where necessary.
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