A day after the Reserve Bank kept key interest rates unchanged, the International Monetary Fund on Wednesday said further interest rate increases are needed in India with monetary conditions still accommodative and credit expanding strongly.
In an address during the virtual meeting of the American Association of Physicians of Indian Origin (AAPI) on Saturday, Modi said COVID-19 had been used as an opportunity to work towards making the country self-reliant.
'Most crises take place because locals take their money out, not because only foreigners do'
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
"We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline," Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
Terming the US current account deficit as "unsustainable", the International Monetary Fund has said it could have a significant adverse effect on interest rates and global capital markets.
Ahead of the Budget exercise scheduled to begin in the first week of November, Finance Minister P Chidambaram will have a new team of bureaucrats with Economic Affairs Secretary Ashok Jha appointed as the new Finance Secretary. \n
The International Monetary Fund says India will clock growth of 8.4 per cent in the coming year.
Contradicting the International Monetary Fund, which does not want India and other countries to use any of its foreign exchange reserves for building infrastructure
After reproaching the International Monetary Fund for its attack on India's SEZ policy, Union Commerce Minister Kamal Nath has criticised the Reserve Bank for its 'inconsistent approach' towards special economic zones. \n
The International Monetary Fund on Thursday asked India to "very carefully" look at the much-touted Special Economic Zones, saying the giveaways and tax sops to the zones could divert industrial activity from the rest of the country.
In the previous week, total reserves dropped by $273.8 million to $312.382 billion.
Foreign currency assets, a key component rose $1.6 bn to $304.9 bn.
The rise in reserves was $2.12 billion.
Reserves had touched an all-time high of $355.46 billion in the week to June 19.
The International Monetary Fund (IMF) has lowered its real export growth forecast for India for 2008 to 13.2 per cent from its April forecast of 16.3 per cent.
The reserves rose to $501.70 billion helped by a whopping rise in foreign currency assets, the latest data from the Reserve Bank of India.
The BRICS stressed on resolution of conflicts in a declaration issued after a virtual meeting of foreign ministers of the member nations of the grouping. The meeting was attended by External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
Gold reserves rose by $588.8 million to $21.566 billion, as per the RBI data.
Global software and services major Tata Consultancy Services is in the last stages of finalising a multi-million outsourcing contract with the International Monetary Fund. Under the deal, the IMF will offshore some of its back-office work
The eight-day long annual meetings of the World Bank and International Monetary Fund, which began in Dubai on Wednesday, would intensively discuss employment creation, private sector development and financial sector reforms.
The common and mobile pool of skilled labour in India, created by the reforms process, would be drawn to fast growing states and reduce the profitability of labour-intensive manufacturing, widening the incomes and other disparities.
India on Monday failed in its bid to prevent China and three other countries from getting more powers in the International Monetary Fund.
Rajan said he believes that capitalism is breaking down because it is not providing equal opportunities.
Indian central bank may soon edge out its counterpart in the Netherlands from the top-10 list, as latter's holding has largely remained unchanged.
The Congress-led coalition government will have to address the challenges of improving the country's infrastructure and modernise agriculture to ensure high growth of the economy
Though the IMF wanted him to continue, his university said it won't extend Rajan's leave.
Investor sentiment got a boost after the IMF said India will see its growth picking up to 7.4 per cent in 2018-19 to regain the status of the world's fastest growing major economy.
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