Asia has more than one candidate who fits the bill.
The scramble for International Monetary Fund managing director's chair has escalated into a war of sorts with developing nations calling for a change in the power equation.
Inflation, which has been at high levels, is also a key challenge for the country, Thomas J Richardson, the IMF's Senior Resident Representative in India and Nepal, said in New Delhi on Wednesday.
International Monetary Fund Managing Director Dominique Strauss-Kahn has announced his intention to appoint Anoop Singh as Director of the Asia Pacific Department. Singh, an Indian national, who is currently Director of the IMF's Western Hemisphere Department, will succeed David Burton. He holds graduate and post graduate degrees from the Universities of Bombay, Cambridge, and the London School of Economics. Singh has also been special advisor to the governor of the RBI.
Residential house prices have only risen since the pandemic.
He will pitch for American investment in Indian business opportunities.
The Reserve Bank of India on Friday said it will unveil the annual credit policy for 2009-10, which is expected to provide further stimulus to the economy, on April 21.
A day after the Reserve Bank kept key interest rates unchanged, the International Monetary Fund on Wednesday said further interest rate increases are needed in India with monetary conditions still accommodative and credit expanding strongly.
India lags behind 132 countries in per capita income.
On global imbalances, Lagarde noted that IMF is assessing external imbalances and misalignments through its new External Sector Report.
Christine Lagarde recently gave a speech in which she outlined steps needed to avoid future global crisis.
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.
While most European countries are backing Lagarde, the developing countries are trying to build a consensus on nominating a person from the emerging nations as the next IMF chief.
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.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
'Will President Dissanayake calibrate his foreign policy taking into account India's immediate security concerns? We need to watch.'
The country's foreign exchange reserves rose by $2.865 billion to a record high of $592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday. The previous all-time high for the forex kitty was $590.185 billion for the week ended January 29, 2021. For the previous week ended May 14, the reserves had increased by $563 million to reach $590.028 billion.
India's reserve position with IMF rose by $ 7 million to $ 3.636 billion.
Until now the Fund has sold 212 metric tonnes of gold but it was limited to central banks.
The country's foreign exchange reserves rose by $563 million to reach $590.028 billion in the week ended May 14, RBI data showed on Friday. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021. In the previous week ended May 7, 2021, the reserves had increased by $1.444 billion to $589.465 billion.
The IMF Board of Governors have approved a general allocation of special drawing rights equivalent to $250 billion to provide liquidity to global economic system by supplementing its member countries' foreign exchange reserves.
The country's foreign exchange reserves declined by $1.47 billion to $639.64 billion in the week ended September 17, RBI data showed on Friday. In the previous week ended September 10, 2021, the reserves had dipped by $1.34 billion to $641.11 billion. The reserves had surged by $8.89 billion to a lifetime high of $642.45 billion in the week ended September 3, 2021.
International Monetary Fund has said more remains to be done to put the US public finances back on sustainable path.
Prime Minister Narendra Modi on Saturday welcomed a host of world leaders, including United States President Joe Biden and United Kingdom Prime Minister Rishi Sunak, at the Bharat Mandapam, the venue of the G20 Summit.
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.
The IMF, in its latest World Economic Outlook report, also said India is among the economies that may require more tightening to address inflation pressure.
The IMF, in its latest World Economic Outlook report, also said India is among the economies that may require more tightening to address inflation pressure.
Pakistan's newly-elected President Asif Ali Zardari on Tuesday announced that he would not draw any salary during his tenure as part of his bid to help the cash-strapped country face the challenging economic hardship.
Raghuram Rajan, a former chief economist at the International Monetary Fund, takes charge at the RBI as the country faces its worst economic crunch since a balance of payments crisis two decades ago.
Raghuram Rajan becomes the 23rd governor of Reserve Bank of India.
There is evidence of asymmetric adjustment to monetary policy
The International Monetary Fund on Wednesday warned that there are significant risks of the crisis recurring, as long as global banking system remains strained.
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.
Rediff.com spoke to Raghuram Rajan about his book, what enthuses him about the Indian economy, and what are the concerns he has with India's chaotic progress . . .
The country's foreign exchange reserves increased by $8.895 billion to reach a record high of $642.453 billion in the week ended September 3, the Reserve Bank of India (RBI) data showed. In the previous week ended August 27, the reserves had surged $16.663 billion to $633.558 billion, mainly due to a rise in special drawing rights (SDR) holdings. International Monetary Fund (IMF) had made an allocation of SDR 12.57 billion to India. For the week ended September 3, the increase was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves, RBI's weekly data released on Friday showed.
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.
It will depend on how the Fund chooses to deploy its newfound power, asks Dani Rodrik.
German Chancellor Angela Merkel had assured the Greek leaders her continued support for the country to remain in the euro zone when she last Wednesday made her first visit to Athens in nearly three years.
