India will place restrictions on foreign direct investment (FDI) in the national interest to ensure safeguards because of its location in a highly sensitive neighbourhood, Finance Minister Nirmala Sitharaman said during an interactive session at the Wharton Business School in the US on Tuesday. "I cannot blindly accept FDI simply because we need investment, unmindful of where it is coming from. "We want business, we want investment, but we also need some safeguards, because India is located in a neighbourhood that is very, very sensitive," Sitharaman said.
The International Monetary Fund (IMF) has slapped 11 new conditions on Pakistan for the release of the next tranche of its bailout programme and warned that tensions with India could heighten risks to the scheme's fiscal, external, and reform goals, according to a media report on Sunday.
At the IMF, India is expected to link announcement of additional resources to the IMF to the implementation of 2012 quota reform.
Union Finance Minister Pranab Mukherjee has brought about a coup in North Block by bringing an Indian Foreign Service officer Venu Rajamoni as Joint Secretary to head multilateral institutions division.
Raghuram Rajan, who was Chief Economic Advisor in the Finance Ministry before taking over as RBI Governor on September 4, is scheduled to announce the next mid-quarter policy review on December 18.
Ahead of the annual meeting of the IMF and World Bank here, a top US official indicated on Tuesday that greater representation of emerging economies in the bodies hinged upon their acceptance of greater accountability for the impact of their decisions on the global economy.
When Pandit was in Japan last week, meeting International Monetary Fund and World Bank officials, Michael E O'Neill, the new chairman of Citigroup since April, was applying the final touches of his masterplan to remove Pandit.
If India can fast utilise currency flows for long-term projects, the regulatory regime could be more liberal.
Pakistan is not raising revenues to the optimum extent. The tax to the GDP ratio is below 10 per cent.
"At 11 per cent of GDP, the fiscal deficit is too high. Growth can be fast if deficit is down and faster if reforms continue," says Nicholas Stern, ex-chief economist, World Bank.
The US' influence on a European CEO-headed multilateral institution is out of sync.
International Monetary Fund managing director Dominique Strauss-Kahn on Thursday said he favoured new heads of the World Bank and the Fund to be from countries other than Europe and the United States.
Pranab said he had clarified this issue in no uncertain terms with US Treasury Secretary who had brought up this issue during bilateral talks.
'The inflow of FII or FDI has not distorted the market sentiments and therefore there is no question of putting any curbs.'
Raghuram Rajan says he's not beholden to the Finance Ministry nor does he go around with the fear of being fired.
He will pitch for American investment in Indian business opportunities.
International Monetary Fund has warned emerging markets, which have so far weathered the ongoing financial crisis, that they may not be completely insulated, while noting that risks to India's financial sector appeared manageable. The top international organisation has raised the assessment of market risks for the emerging markets including on capital flows. It said that despite generally strong external positions, some concerns have arisen about dollar funding in Asia.
Finance Minister Pranab Mukherjee also asserted there's been no pressure by the United States for India to enact financial sector reforms, particularly in the banking and insurance sectors, on the eve of President Obama's visit.
A national religious council should manage temples and places of historical and cultural relevance to the followers of all Indian religions, says Pramod Kumar Buravalli.
PMO joint secretary Subrahmanyam to play a key ro#8804 full-time finance minister likely before October
Potential growth in India is 8 to 8.5 per cent, says Kalpana Kochhar, World Bank's Chief Economist for South Asia.
Finance Minister Jaswant Singh will not attend the spring meeting of International Monetary Fund and World Bank, starting in Washington on March 20.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
The meeting, on the sidelines of the Annual Spring session of the International Monetary Fund and World Bank, will happen within a couple days of about a dozen US industry associations writing to the US Treasury Secretary to take up the controversial move by India to amend the Income Tax Act with retrospective effect.
The weather in Washington is balmy, but Finance Minister Pranab Mukherjee, in the US to attend a meeting of the International Monetary Fund and the World Bank, would feel a distinct chill as he readies to meet corporate America.
On Wednesday, Mukherjee addressed two press conferences at the International Monetary Fund.
This week's Group of 20 meeting already has a packed agenda: maintaining demand, repairing the global financial system and increasing the International Monetary Fund's resources.
Finance Minister P Chidambaram will woo foreign investors to invest in India as he begins his nine-day visit to the US on Tuesday.
The four-day tour, beginning September 21, includes World Bank-International Monetary Fund meetings, as well as interactions with investors.
This year's deliberations, on October 9-14, come in the backdrop of the persisting crisis in Europe and the US and its apparent effects on India, China and other countries supposedly driving growth.
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.
With India's G20 presidency ensuring several tangible outcomes, world leaders at the two-day summit in New Delhi hailed Prime Minister Narendra Modi for his 'decisive leadership' and for championing the voice of the Global South, sources said on Sunday.
More and more students are going to colleges abroad to get international exposure. Here's how to plan and live your dream.
The International Monetary Fund head Dominique Strauss-Kahn has said that the global economic recovery is fragile and remains uncertain as not enough jobs are being created.
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.
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.
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