Prime Minister Manmohan Singh on Tuesday said India supports the "best" available candidate, regardless of nationality, as the next International Monetary Fund (IMF) chief.
India is projected to grow at 6.3 per cent in 2015 and 6.5 per cent in 2016, when it is likely to cross China's projected growth rate of 6.3 per cent, the IMF said.
The Finance Ministry expects GDP growth to be 8-8.5 per cent in 2015-16.
The net worth of India's billionaire community has soared 12-fold in 15 years - enough to eliminate absolute poverty twice over in the country, where income inequality is also on the rise, according to the IMF.
After three consecutive weeks of drop, India's forex reserves increased by $3.67 billion to $641.59 billion for the week ended May 3, the RBI said on Friday. The overall kitty dropped $2.412 billion to $637.922 billion for the previous week ended April 26.
Amid growing pressure of emerging economies to have their representative as IMF chief, Germany on Friday said that at the current juncture it would be more appropriate to have an European as head of the multilateral agency as the continent was going through a debt problem.
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 IMF has encouraged both the UK and the EU to work collaboratively towards a smooth transition.
India's economy grew at 7.6 per cent in 2015-16.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
Top 10 debtor countries owe 86% of total IMF loans
Experiences of the past decade now tell us that this unaccountable and unsure system is untrustworthy, unworkable and hence unacceptable
In a brief hearing at the State Supreme Court in Manhattan, prosecutors did not oppose the release of 62-year-old Strauss-Kahn.
India's forex reserves dropped $2.412 billion to $637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined $2.28 billion to $640.33 billion. For the week ended April 5, the reserves had hit an all-time high of $648.562 billion following multiple weeks of increases.
According to the IMF sources, the 27-member European Union bloc had asked the Chinese for support for Lagarde.
Simultaneously, the White House said it has full faith in the capabilities of IMF to continue with the important role it is playing, despite the setback of its head being behind bars in a New York prison.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
'We have to keep a watch because India-Sri Lanka has a history that whenever there has been a change in government, either the connectivity projects have been questioned or cancelled or revived.'
IMF chief Christine Lagarde has been put under formal investigation by French magistrates for alleged negligence in a political fraud affair dating from 2008 when she was finance minister.
IMF says, India will grow significantly in near-term.
Asia's richest man Mukesh Ambani on Thursday said his oil-to-telecom-and-retail conglomerate is not seeking short-term profit but is in the business of creating wealth for the nation. Speaking at the company's annual shareholder meeting, he said all businesses of Reliance Industries Ltd continue to be key drivers of the Indian economy and have become a success story. "We are not in the business of pursuing short-term profit and hoarding wealth. "We are in the business of creating wealth for India," he said.
The temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease, the International Monetary Fund said in its regional economic outlook.
The International Monetary Fund has lowered India's economic growth forecast by 1 per cent to 5-6 per cent for 2012-13.
India too will advocate the IMF quote reforms at the two-day meeting of G20 Finance Ministers and Central Bank Governors beginning Saturday.
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.
Part of periodic Article IV consultations on state of the economy; team to have discussions with government as well as banks, private investors and civil society
India is not particularly enamoured by the AMF idea and would much rather see the Fund revitalised and reinvented as a multilateral institution. Indeed, there could be a meeting of minds between India and the US on the IMF's future.
Terming the Indian growth pattern as impressive, the International Monetary Fund has said that it does not foresee the economy overheating as long as the current monetary policy is in place. "(India's) growth has been impressive--9.7 per cent in 2006, 8.9 per cent in 2007 and we are viewing at 8.4 per cent in 2008. That is really an impressive growth pattern," IMF Managing Director Rodrigo de Rato said.
The Reserve Bank has entered into an agreement buy up to $10 billion (over Rs 45,000 crore) worth notes from the IMF to help the multilateral agency shore up its resources for assisting countries hit by the global financial meltdown.
India no longer needs big ticket reforms but small and basic ones to drive the growth forward, Chief Economic Advisor V Anantha Nageswaran said on Monday. Addressing the media after the Economic Survey 2023-24 presented in Parliament, Nageswaran said there is a need to pursue all possible approaches without any ideological orientation. "In terms of the kind of reforms that we need to do, it is no longer big-ticket reforms that dominate your front pages but more about grunt works.
China's banks and financial sector are healthy, but there are vulnerabilities that should be addressed by the authorities.
Asian economies have been very strong in their stimulus from both monetary and fiscal sources.
The IMF has warned that an imminent debt default by the US due to the government shutdown would result in disruptions in financial markets and could possibly trigger global economic turmoil.
The International Monetary Fund (IMF) and the World Bank (WB) has said the current global economic crisis is turning into a human calamity as it has hit millions of poor people across the world.
The World Bank on Tuesday raised the growth forecast for the Indian economy to 7 per cent for the current fiscal year on the back of recovery in agri sector and rural demand. World Bank had in June projected India to grow at 6.6 per cent for FY24. According to the World Bank Report released on Tuesday, India's growth continues to be strong despite a challenging global environment.
'Nations like India with high inflation and public debt should be cautious'
The IMF's Financial System Stability Assessment Update said India had improved its supervision and regulations in the 20 years since it started liberalising its economy and that its financial system fared well in the global financial crisis.
With inflation softening to a six-year low of 2.43 per cent, there is scope for further easing of monetary policy, the IMF said in its review of the economy following Article IV consultations with the Indian authorities. The IMF expects average inflation to moderate to 2 per cent in 2009-10 from about 8.8 per cent in the current fiscal. Inflation has been coming down consistently after touching a peak of 12.91 per cent in August last year.
The US' influence on a European CEO-headed multilateral institution is out of sync.
