The International Monetary Fund has reduced India's contribution to world gross domestic product in purchasing power parity terms to 4.6 per cent in 2007 from the earlier estimate of 6.4 per cent.
After reproaching the International Monetary Fund for its attack on India's SEZ policy, Union Commerce Minister Kamal Nath has criticised the Reserve Bank for its 'inconsistent approach' towards special economic zones. \n
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.
The annual conference of the World Bank and International Monetary Fund where India was represented by Finance Minister P Chidambaram
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'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.
Eminent economist Parthasarathi Shome will be the new advisor to Finance Minister P Chidambaram. He succeeds Vijay Kelkar, whose term ended on August 31.
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
Observing that the world is at a crossroads now as it faces the greatest economic crisis in 60 years, the IMF managing director Dominique Strauss-Kahn said at a news conference that the G-20 leaders have the opportunity to spur a recovery next year if they take the right action.
Foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.
Congress is indulging in a populist frenzy; and the US administration is hoping for the best.
Ahluwalia, who was part of the team under then Finance Minister Manmohan Singh that started reform process in 1991, is presently with the International Monetary Fund, a post which he is expected to relinquish next month.
Eminent economist Montek Singh Ahluwalia was on Wednesday appointed deputy chairman of the Planning Commission.
India's foreign exchange reserves rose further by $89 million to reach $118.57 billion for the week ended May 7.
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.
The IMF, in its semi-annual global economic forecast, released in Washington on Wednesday, says that China is expected to grow by more than 11 per cent in 2007, while India is expected to expand by nine per cent. It, however, says growth may moderate somewhat across emerging Asia in 2008, reflecting slower trade growth as well as some policy tightening in countries facing overheating pressures.
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.
Horst Koehler, managing director of International Monetary Fund, has announced his resignation after being nominated to become the German President.
Raju need not fear ostracism once he's out - society will embrace him. Size is a national obsession. Indians have stashed away more than anyone else -- a noble $1,456 billion -- in Swiss banks. We thrive on superlatives. Even Jawaharlal Nehru rejoiced in the Suratgarh farm being "the biggest farm in Asia".
'Most crises take place because locals take their money out, not because only foreigners do'
Gold reserves were up by $712 million to $34.729 billion.
The International Monetary Fund has expressed concern over implementation of "incomplete" value added tax system in developing countries, saying it will reduce the benefits of the new taxation method as it omits service and other vital sectors.
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
The International Monetary Fund chief economist-designate Raghuram Rajan feels big deficits -- whether India's fiscal deficit or the United States' current account deficit -- are not sustainable in the long term.
Y V Reddy on Saturday took over as the governor of the Reserve Bank of India.
Keen to capitalise on the growing geopolitical support from African nations after the recently concluded G20 Summit, India is working with the African Union to hold the fourth India-Africa Forum Summit later this year in Kenya's Nairobi, sources said. Prime Minister Narendra Modi is expected to attend the mega meet along with as many as 50 African leaders, they added. First held in New Delhi in 2008, the India-Africa Forum Summit marked India's initial diplomatic efforts to seek a comprehensive partnership with the African bloc of nations as a whole, at a time when China had begun its own outreach.
With the Cabinet clearing the proposed amendment in IMF's Articles of Agreement, India's quota is slated to go up from 1.91 per cent to 2.44 per cent in the world body. As such, India's voting rights are also scheduled to increase from 1.88 per cent to 2.34 per cent, enabling it to have a greater say in the functioning of the Fund.
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