Ground reality suggests that someone from the developing world does not stand a chance to emerge victorious.
The International Monetary Fund expects India's economic growth rate to moderate to 7.5-7.75 per cent this fiscal, from 8.5 per cent in 2010-11, on account slowing investments and sluggish global recovery.
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.
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Female labour force participation in India is lower than many other EM economies.
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
Finance Minister Arun Jaitley will pitch for quota and governance reforms in the annual meeting of the International Monetary Fund.
India's foreign exchange reserves increased $2.54 billion to $597.93 billion for the week ended November 24, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had jumped $5.08 billion to $595.4 billion. For the week ended November 24, the foreign currency assets, a major component of the reserves, increased $2.14 billion to $528.53 billion, as per the data from the Reserve Bank of India (RBI).
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.
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.
"Growth is expected to moderate gradually in China... pick up in India, and remain broadly stable in the Asean-5 region."
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
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.
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.
India's forex reserves increased by $5.08 billion to $595.4 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined $462 million to $590.32 billion. For the week ended November 17, the foreign currency assets, a major component of the reserves, increased $4.39 billion to $526.39 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).
Lagarde said that she had elaborate discussions on the general economic situation.
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.
Christine Lagarde warned of a repeat of high market volatility.
The International Monetary Fund has said it broadly supports the series of economic reforms undertaken by India, which is moving in the right direction.
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.
The RBI has already hiked interest rates 12 times since March, 2010, to control inflation, which is currently hovering near the double-digit mark.
Christine Lagarde said the prospect of rising interest rates in the US and China's slowdown are contributing to uncertainty and higher market volatility.
'Five months after the elections in February 2024, the Pakistan army has not been able to break Imran Khan's resolve and break his political party.'
India's forex kitty decreased by $462 million to $590.32 billion for the week ended November 10, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.67 billion to $590.78 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billio
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
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.
IMF also asked countries around the world to coordinate policies to achieve a global rebalancing and sustain the recovery.
IMF has praised India's economic performance and has negated the concept of decoupling as economies today are much closely related to each other.
IMF MD Christine Lagarde hailed the government's latest Budget.
The new government that presents the full Budget for 2024-2025 in July should be ready to restructure the way divestment is managed and implemented, proposes A K Bhattacharya.
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.
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.
"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.
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.
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.
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.
