It have also called for enhanced monitoring of all protectionist measures and high-level political awareness of the associated macroeconomic risks.
Weaker demand for Indian exports and higher financing costs will lead to a deceleration in India's gross domestic product (GDP) growth rate to 7.9 per cent in 2008, the International Monetary Fund has said.The IMF's growth projections for India are in line with other estimates, including that of the Asian Development Bank, which pegged the 2008-09 growth at 8 per cent.
IMF says there will be a lot of challenges to deal with, especially because of youth unemployment.
The International Monetary Fund on Thursday said capital control measures could be valuable for countries like Brazil and India, facing excessive short-term capital inflows that threaten to damage their economies. "Capital control are a little bit in the eye of the beholder, but it is certainly a part of the toolkit," said IMF spokesperson Caroline Atkinson at a news briefing.
'India has benefited from lower oil prices and remains the fastest-growing large economy in the world.'
India has opposed a proposal on ad-hoc increase of quota of some countries in IMF, saying the redistribution of quota based on flawed formula cannot provide a durable solution to reform IMF.
The Cabinet's approval to increase India's quota in the International Monetary Fund follows Fourteenth General Review of Quotas of the agency.
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.
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.
With many countries piling up massive debts in the wake of the global crisis, the International Monetary Fund has cautioned that 'fiscal sustainability' is going to be a big problem for the coming several years.
India should give greater priority to markets and trade liberalisation than to capital market liberalisation, a top official of the International Monetary Fund has said.
Even though inflation in India may not seem too high now, it is imperative that New Delhi deals with it immediately before it spills over into other areas, says a senior International Monetary Fund official.
India's economic growth is likely to shrink by 1.25 per cent to 7.9 per cent this fiscal, mainly on account of tight monetary conditions and continued pressure on inflation, the International Monetary Fund said on Friday. The IMF report also warned that investment would be more affected than consumption on account of the tight monetary conditions and fall in global economy following US sub-prime crisis. Compared to China, India has little fiscal space to keep up the growth.
The International Monetary Fund has said that it expects India's economic growth to accelerate and inch closer to that of China.
India's near-term growth has improved: IMF
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.
Lauding India for its "comfortable" foreign exchange reserves, the International Monetary Fund said the country was not in need of any assistance from it.
IMF managing director Horst Koehler said Raghuram Rajan has been at the forefront of his work on banking and financial sector issues.
It will take a period of time to recover back to the higher levels that India enjoyed in previous years, IMF director said.
Differing with International Monetary Fund's growth forecast of 4.9 per cent for India during 2012, Planning Commission Deputy Chairman Montek Singh Ahluwalia said it has a statistical problem.
A year after the scandal broke out, the former socialist presidential frontrunner accused the maid, Nafissatou Diallo, of 'knowingly and intentionally making a false report to law-enforcement authorities" that cost him his job, New York Post reported.
Prime Minister Manmohan Singh has expressed disappointment at developing countries being ignored in the selection of the president of world's key financial body, the International Monetary Fund (IMF).
US President Barack Obama on Sunday affirmed his commitment to enhancing India's 'voice and vote' in global financial institutions like IMF.
OPEC hopes lower fuel prices will stimulate more demand in the long run
India's forex reserves dropped $2.901 billion to $593.19 billion in the week ended June 23, the Reserve Bank said on Friday. The overall reserves increased by $2.35 billion to $596 in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The managing director of the International Monetary Fund, on a two-day visit in New Delhi, was speaking at a conference on growth aspects of Indian and Chinese economies.
China on Tuesday inked an agreement worth a whopping USD 4.8 billion with cash-strapped Pakistan to set up a 1,200-megawatt nuclear power plant as a sign of increasing strategic cooperation between the two all-weather allies.
Indian economy is rebounding strongly providing a golden opportunity to tackle fiscal challenges decisively but steady rise in debt of the central and state governments could constrain the growth, according to a new International Monetary Fund report
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
Apart from Lagarde, Mexican central bank governor Agustin Carstens and Kazakhstan's central bank governor Grigory Marchenkois are in the fray for the IMF managing director's post which fell vacant after the ignominious exit of Dominique Strauss-Kahn last month.
The GST will subsume excise, service tax, value added tax, octroi etc.
Supported by slightly stronger global growth, improving export competitiveness and implementation of recently approved investment projects, India's growth is expected to recover from 4.4 per cent in 2013 to 5.4 per cent in 2014, the IMF said.
India's forex reserves have swelled by $12.74 billion to $609.02 billion in the week ended July 14, making it one of the strongest weekly surges in the kitty in recent times, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had risen by $1.23 billion to $596.28 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
That's why he is now finally focusing on the two things that alone can help: Fiscal expansion -- from December onwards -- and supply management via amended laws and rules that affect business, notes T C A Srinivasa-Raghavan
The International Monetary Fund has said that it would be prudent to gain sufficient experience by implementing a comprehensive framework before deciding on the entry of 'mixed groups and conglomerates' into commercial banking.
International Monetary Fund (IMF) expects India's inflation to hover around 2 per cent during 2009-10, mainly on account of declining commodity prices and weakening demand resulting from economic slowdown.
Brazil, Russia, India, China and South Africa came out in the open on Tuesday to oppose the notion that the next Managing Director of the International Monetary Fund (IMF) should be from Europe and argued that such a selection criteria undermines the legitimacy of the fund.
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