India's large fiscal imbalances, exceeding 10% of GDP and the public debt representing almost four and a half years of revenue, are 'reasons to worry' though its credit rating is better than many emerging markets.
The IMF on Tuesday projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic. The Washington-based global financial institution, in its annual World Economic Outlook ahead of the annual Spring meeting with the World Bank, said the Indian economy is expected to grow by 6.9 per cent in 2022. Notably in 2020, India's economy contracted by a record eight per cent, the International Monetary Fund (IMF) said as it projected an impressive 12.5 per cent growth rate for the country in 2021.
Chief Economic Adviser K V Subramanian on Wednesday said India is expected to hit a growth rate of 6.5-7 per cent in 2022-23 and accelerate further to 8 per cent in the subsequent years on the back of reforms undertaken by the government. He also said the government is expected to meet the fiscal deficit target of 6.8 per cent in the current fiscal despite pressure on revenue collections.
The economic cost of tsunami and the subsequent reconstruction and disaster relief appear manageable for India, the International Monetary Fund staff report has said.
The paper says the rate of price rise in food items leads to lower income inequality in rural India.
Favouring a 'new Bretton Woods Agreement', International Monetary Fund chief Dominque Strauss-Kahn has said an early warning system to detect impending dangers to the world economy must be put together by international financial expertise.
International Monetary Fund chief Dominique Strauss-Kahn, who is facing damaging allegations of sexually assaulting a hotel maid, has been put on suicide watch by prison authorities who fear he may try to kill himself.
Moments before he was taken off a France-bound flight last week, Strauss-Kahn reportedly told the flight attendant, 'what a nice a**' or in French, 'Quel beau cul!', The New York Post reported.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022.
While maintaining that merit and not nationality should guide selection of the new International Monetary Fund chief, India will in all likelihood support French Finance Minister Christine Lagarde for the job.
The International Monetary Fund on Wednesday raised India's growth forecast to 5.4 per cent for 2009 and said that the global economy is beginning to pull out of a recession.
Some emerging nations like India and China, however, are also facing the challenges of huge capital inflows and overheating.
Khan, 71, has been lodged at the Adiala Jail in Rawalpindi on account of multiple cases against him.
The common and mobile pool of skilled labour in India, created by the reforms process, would be drawn to fast growing states and reduce the profitability of labour-intensive manufacturing, widening the incomes and other disparities.
In spite of a recent devastating money/monsoon.htm drought, India's economy has fared well and should enjoy solid growth this year and next, the IMF said.
The highest decision making body of the IMF met at its headquarters in Washington on Saturday in the wake of the corruption charges that have surfaced against its chief.
The ongoing Greece economic crisis poses a little threat to the rest of the world as the global economy has withstood the stress tests of the last two weeks fairly well.
Terming the US current account deficit as "unsustainable", the International Monetary Fund has said it could have a significant adverse effect on interest rates and global capital markets.
US President Barack Obama on Sunday affirmed his commitment to enhancing India's 'voice and vote' in global financial institutions like IMF.
International Monetary Fund and World Bank are top global financial institutions.
International Monetary Fund (IMF) chief economist Gita Gopinath has made a strong case for regulating cryptocurrencies, saying it will always be a challenge to ban them as they operate from offshore exchanges. Gopinath also suggested a global policy and co-ordinated action for regulating cryptocurrencies. "I think cryptocurrencies are a particular challenge for emerging markets. "It seems to be more attractive to adopt cryptocurrencies and assets in emerging economies than in advanced economies," she said while addressing an event organised by the National Council of Applied Economic Research (NCAER) on Wednesday.
"We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline," Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
The Financial Intelligence Unit-India (FIU-India), the national agency responsible for analysing suspicious financial transactions, has received requests from four more offshore crypto exchanges to operate in India again, said a senior government official familiar with the matter. In the beginning of 2024, India had banned nine crypto exchanges - Binance, Kucoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfenix - for non-compliance with anti-laundering law in the country.
Pakistan has been on the grey list of the Paris-based Financial Action Task Force since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.
With the Central Statistical Organisation estimates putting India's economic growth rate at 8.7 per cent for the current financial year, spotlight has turned on GDP forecasts by various other agencies.
India Inc could face problems in repaying their debts, posing risks to lenders, who will have to strengthen their monitoring of growing non-performing assets, warns an International Monetary Fund working paper.
Former Spanish Finance Minister Rodrigo Rato is almost certain to take over as the new managing director of the International Monetary Fund after the United States backed his candidature for the top job.
Strauss-Kahn allegedly sexually assaulted the 32-year-old maid, who happened to be in his $3,000 a night suite at the Hotel Sofitel in Times Square on Saturday afternoon, thinking it was empty.
The International Monetary Fund on Thursday retained its projection for Indian economic growth at 5.4 per cent in 2009, implying a slower growth in the second half of this calendar year.
The former IMF chief, who was indicted on seven counts on Thursday, allegedly forced the maid at the Sofitel hotel in Manhattan to perform oral sex.
India is expected to grow by 8.75 per cent in 2010 and 8.5 per cent in 2011, driven by a strong domestic demand, International Monetary Fund said in its 2010 World Economic Outlook released here on Wednesday.
Investor sentiment got a boost after the IMF said India will see its growth picking up to 7.4 per cent in 2018-19 to regain the status of the world's fastest growing major economy.
The International Monetary Fund on Thursday raised India's growth forecast for 2010 to 9.5 per cent, stating that favourable financing conditions and robust corporate profits will accelerate economic expansion.
"Overall we are beginning to see some hopeful signs. . . in a number of sectors we have seen some changes... cement, steel, capital goods... I don't think 5.1 per cent is what we are going to achieve," Cabinet Secretary K M Chandrasekhar said here at the CII Annual session in New Delhi.
The agreement is subject to approval by the IMF management and consideration by its executive board, which is expected in early April.
The government on Monday approved the appointment of B P Mishra as the new executive director of International Monetary Fund.
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