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.
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 International Monetary Fund has lowered India's economic growth forecast by 1 per cent to 5-6 per cent for 2012-13.
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.
It will depend on how the Fund chooses to deploy its newfound power, asks Dani Rodrik.
Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations, the global anti-money laundering and terror financing watchdog said on Thursday.
The International Monetary Fund welcomed the commitment made by the G-20 Summit on Thursday to enhance the multilateral agency's ability to support emerging markets and low-income countries, and to bring the world economy out of its deepest post-war recession.
Strauss-Kahn, 62, allegedly forced the maid at the Sofitel hotel in Manhattan to perform oral sex.
International Monetary Fund chief Dominique Strauss-Kahn, widely expected to run for the French Presidency next year, has been arrested in New York over an alleged sex attack on a hotel maid. Strauss-Kahn, 62, managing director of the Washington-based IMF since 2007, was taken off an Air France plane's first-class cabin at the John F Kennedy International Airport and apprehended by detectives. "He is being arrested for a criminal sex act, attempted rape," they said.
The country's foreign exchange reserves soared by $16.663 billion to touch a lifetime high of $633.56 billion in the week ended August 27, mainly due to an increase in Special Drawing Rights (SDR) holdings, RBI data showed. On Wednesday, RBI had said the International Monetary Fund (IMF) made an allocation of SDR 12.57 billion (equivalent to around $17.86 billion at the latest exchange rate) to India on August 23, 2021. SDR holdings are part of the foreign exchange reserves of a country.
Given that the public is no longer willing to tolerate lack of transparency, politicians will see they have no alternative but to change, feels Raghuram Rajan, economic advisor to the prime minister. Interestingly, Professor Rajan made this hard-hitting speech at an event to release a book in Prime Minister Manmohan Singh's honour.
Subbarao said in terms of the risk to growth inflation outlook, the first would depend on global recovery and if it fails, could have an impact for India.
Significantly, for the first time, the FATF put Myanmar in the "high risk jurisdictions subject to a call for action", often referred to as the watchdog's black list.
It says RBI may have to continue raising rates; prescribes floating sovereign bonds, going for NRI forex swaps again.
The country's foreign exchange reserves touched a life time high of USD 555.12 billion after it surged by USD 3.615 billion in the week ended October 16, according to RBI data.
The Reserve Bank has told the International Monetary Fund (IMF) that the objective of frequent interventions in the forex market is to curb excessive volatility, dismissing the Fund's rationale for reclassifying India's exchange rate regime. The IMF, following the Article IV consultation with the Indian authorities, reclassified the status of the exchange rate regime to "stabilised arrangement" from "floating" for period between December 2022 to October 2023. India's Executive Director at IMF K V Subramanian and Senior Advisors Sanjay Kumar Hansda and Anand Singh questioned the selection period adopted by the Fund for analysis and also reclassification of the country's exchange rate regime.
Potential growth in India is 8 to 8.5 per cent, says Kalpana Kochhar, World Bank's Chief Economist for South Asia.
The Reserve Bank has entered into an agreement buy up to $10 billion (over Rs 45,000 crore) worth notes from the IMF to help the multilateral agency shore up its resources for assisting countries hit by the global financial meltdown.
The lawyer for hotel housekeeper Nafissatou Diallo also met with prosecutors briefly.
The IMF on Tuesday cut India's economic growth forecast by 0.5 percentage points to 9 per cent for the current fiscal year, with its chief economist Gita Gopinath saying that the slight downgrade is mainly due to the impact of the spread of the Omicron variant. "If you look at the 2021-22 fiscal year, we have a slight downgrade of -0.5 percentage points and for the next fiscal year 2022-23 we have a slight upgrade of 0.5 percentage points. So, growth for the previous fiscal year is now nine per cent and for this year now is at nine per cent. We moved it up slightly," Gopinath told reporters during a news conference in Washington. In its latest update of World Economic Outlook on Tuesday, the International Monetary Fund has cut India's economic growth forecast to 9 per cent for the current fiscal year ending March 31, joining a host of agencies which have downgraded their projections on concerns over the impact of the spread of Omicron on business activity and mobility.
The country's foreign exchange reserves increased by $1.739 billion to $582.037 billion in the week ended on March 12, the RBI data showed. In the previous week ended March 5, the reserves had declined by $4.255 billion to $580.299 billion. The reserves had touched a record high of $590.185 billion in the week ended January 29, 2021.
India can now, if required, borrow up to $30 billion a year, up from $6 billion, from the International Monetary Fund for a three-month period which can be renewed twice more in 3-month cycles.
There is also a lobby within the bureaucracy that wants to see Rajan's influence curtailed
The International Monetary Fund (IMF) has cut down its 2013 forecast for global economic growth to 3.9 per cent from the 4.1 per cent, trimming projections for most advanced and emerging economies.
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.
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.
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.
If India can fast utilise currency flows for long-term projects, the regulatory regime could be more liberal.
India's reliance on domestic factors for growth and its comfortable foreign exchange reserves would help the nation to insulate itself from the Euro-zone debt crisis, financial services firm, ING said.
International Monetary Fund and World Bank are top global financial institutions.
Even as the chorus against black money and corruption is getting louder in India, hacktivism, a coinage created of activism and hacking, is creating mayhem in the virtual world.
The US' influence on a European CEO-headed multilateral institution is out of sync.
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.
Prime Minister Manmohan Singh on Tuesday said India supports the "best" available candidate, regardless of nationality, as the next International Monetary Fund (IMF) chief.
Massive default, together with a very large sustained cut in the annual budget deficit, is, in fact, needed to restore Greek's fiscal sustainability.
It will take 1/10th of the current expenditure on subsidy to benefit the bottom 40 per cent of the population, according to Laura Papi, Assistant Director, Asia and Pacific Department at the International Monetary Fund.
"Tests matched a DNA sample submitted by Strauss-Kahn and semen found on the shirt of the hotel maid," the Wall Street Journal reported quoting law-enforcement officials.
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.
FM's top adviser Raghuram Rajan had earlier said that the target was tough to meet.
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