Haruhiko Kuroda, Japan's former vice-minister of finance for international affairs, has been unanimously elected president of the Asian Development Bank by its Board of Governors.
Surging oil prices are unlikely to restrain the strong economic growth in India and China, Haruhiko Kuroda, president, Asian Development Bank said.
While the world's largest and the most populous continent has more than doubled its share in the global gross domestic product from 15 per cent in 1950 to 35 per cent currently, billions of its people do not get even basic amenities of life, the Philippines-based institutions president Haruhiko Kuroda said.
The growth in the current fiscal is likely to slip to a decade-low of 5.7 per cent.
Meanwhile, an ADB report presented at the seminar said this year could prove crucial for the global economy as financial tensions in Europe could escalate further and there remains concern over fledgling economic recovery in the US.
Takao replaced Haruhiko Kuroda, who had, in March, quit ADB to take charge as Japan's central bank governor.
Asian Development Bank on Friday said India can sustain 8 per cent economic growth but asked government to improve infrastructure and carry forward reforms to attain a higher growth of 9-10 per cent.
The rupee is under pressure for the past one week.
The local currency had surged 18 paise to 63.64 in Thursday's trade.
The dollar gained strength with the emergence of the US as the only developed economy showing signs of recovery.
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
'Chinese real GDP growth is 7.1% and India's is 7.4%'.
Market breadth ended weak on the BSE with 1,838 declines against 1,218 advances.
While enjoying long-awaited economic good times - and hoping they will last as long as possible - some caution and some prudence might be the best protection against bad surprises, says Claude Smadja.
IMF members will also be examining whether China's heavy intervention in the yuan market was befitting of a freely convertible reserve currency
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