Finance Minister Arun Jaitley will pitch for quota and governance reforms in the annual meeting of the International Monetary Fund.
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Female labour force participation in India is lower than many other EM economies.
The announcement has been enabled by the IMF's recent announcement of a framework for issuance of notes to the official sector. These notes will allow investments in the IMF to be treated as international reserves. Therefore, RBI will be able to invest a portion of its foreign reserves in the IMF.
As the race for the next International Monetary Fund chief hots up, Finance Minister Pranab Mukherjee on Tuesday said he was in touch with his counterparts from developed and emerging economies on the issue and was keeping a close watch on the developments.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
In the first quarter of FY14, real GDP growth estimated by the Central Statistics Office stood at 4.4 per cent on a factor cost basis, and at 2.4 per cent on a market price basis, the IMF said.
The IMF has decided to raise India's quota and vote shares in the bank. India has welcomed this move as having a 'catalytic effect' on reforms in the World Bank and other institutions under the UN umbrella. The major reform proposal under which the quota share would be increased from 1.92 per cent to 2.44 per cent and vote share from 1.88 per cent to 2.34 per cent was endorsed by the IMFC of the IMF. The move would push India's position up to 11th among the 184 member nations
The International Monetary Fund has reduced India's contribution to world gross domestic product in purchasing power parity terms to 4.6 per cent in 2007 from the earlier estimate of 6.4 per cent.
If the projections come true, then India would regain the tag of the fastest growing major economy of the world, crossing China with more than 0.7 percentage point in 2018 and an impressive 1.2 percentage point growth lead in 2019.
The International Monetary Fund has said it broadly supports the series of economic reforms undertaken by India, which is moving in the right direction.
Christine Lagarde warned of a repeat of high market volatility.
Lagarde said that she had elaborate discussions on the general economic situation.
It will depend on how the Fund chooses to deploy its newfound power, asks Dani Rodrik.
Many analysts were surprised at the speed with which India bought the IMF gold. However, they believe that it is a very smart move as by buying IMF gold, New Delhi is shoring up its bullion reserves and slowly trying to hedge its bets on the US dollar which has been losing value against other currencies.
Christine Lagarde said the prospect of rising interest rates in the US and China's slowdown are contributing to uncertainty and higher market volatility.
The specter of war in Iraq and instability in the world's No. 5 oil producer, Venezuela, as well as world market woes, bode poorly for the global economy, a top IMF official said on Friday.
The fund said oil prices are still at double the levels recorded in end-2006, even after the 40 per cent fall in prices from the peak they reached in July this year. Food prices too are still above end-2006 levels. Because of this, fuel importing low-income countries will see their import bill increase by 3.2 per cent of their GDP, while food importing countries will spend additional amount equivalent to 0.8 per cent of GDP on food.
The RBI has already hiked interest rates 12 times since March, 2010, to control inflation, which is currently hovering near the double-digit mark.
The International Monetary Fund has said the global economy in 2009 is likely to contract for the first time since the Second World War.
In a statement, the world body said policy measures to stimulate Indian economy and a good harvest should support domestic demand. After last year's record of 9.2 per cent of GDP, the IMF said the capital inflows are expected to decline this fiscal year. Till December 2008 portfolio investment recorded a $11 billion outflow.
IMF MD Christine Lagarde hailed the government's latest Budget.
Announcing her appointment, IMF Managing Director Christine Lagarde hailed the Mysore-born Gopinath as "one of the world's outstanding economists with impeccable academic credentials, a proven track record of intellectual leadership and extensive international experience".
IMF also asked countries around the world to coordinate policies to achieve a global rebalancing and sustain the recovery.
"The BRICS are open to consider, if necessary, providing support through the IMF or other international financial institutions in order to address the present challenges to global financial stability, depending on individual country circumstances," said a joint communiqu issued by the BRICS finance ministers after their meeting.
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 International Monetary Fund has ended its annual meetings without doing anything to enhance its credibility and effectiveness. In the process, as Finance Minister P Chidambaram warned in Washington, it risks becoming irrelevant.
French Finance Minister Christine Lagarde on Tuesday became the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens.
India's foreign exchange reserves jumped $1.23 billion to $596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
In a statement, the IMF said French Finance Minister Christine Lagarde and the Mexican economist Agustin Carstens were interviewed by its Executive Board this week.
IMF has praised India's economic performance and has negated the concept of decoupling as economies today are much closely related to each other.
Battling damaging allegations of sexual assault, Strauss-Kahn tendered his resignation from the top post of the IMF on Wednesday, while maintaining that he was innocent.
The International Monetary Fund is going through interesting times. It is in the process of reforming a number of funds, core functions and aligning itself to the current economic realities.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
For 2015-16, IMF pegged India's growth rate at 7.5 per cent.
India's foreign exchange reserves rose by $1.85 billion to $595.05 billion in the week ended on June 30, the Reserve Bank of India said on Friday. The overall reserve had dropped by $2.90 billion to $593.20 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of $645 billion.
The green signal would pave the way for additional funds to the IMF and reforms related to the country representation at the multilateral lending agency, among others. The IMF would get more funding to tackle the global crisis under an expanded borrowing arrangement. The US has committed to increase its credit line by up to $100 billion.
It have also called for enhanced monitoring of all protectionist measures and high-level political awareness of the associated macroeconomic risks.
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