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
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.
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.
Eminent economist Parthasarathi Shome will be the new advisor to Finance Minister P Chidambaram. He succeeds Vijay Kelkar, whose term ended on August 31.
The Enforcement Directorate (ED) is investigating a complex network of agents and facilitators in India, Canada, and the US who assist Indians in illegally entering the US through fraudulent admissions to Canadian colleges. Over 8,500 financial transactions are under scrutiny by the ED in a case related to money laundering, stemming from a 2023 Gujarat Police crime branch FIR. The investigation includes international financial companies involved in remittances abroad, with the ED conducting 35 searches in the past year and seizing assets worth Rs 92 lakh. The issue has gained significant attention following the deportation of 104 Indians from the US on Wednesday. The investigation is linked to the tragic death of an Indian family in January 2022, who perished while attempting to cross the Canada-US border illegally. The ED has identified a network of agents and facilitators who manage and facilitate the stay, transportation, visa arrangements, and legal matters of illegal immigrants who gained admission to Canadian colleges through fraudulent means. The investigation has revealed that the fees paid to Canadian colleges were remitted back to individuals' accounts, with around 8,500 transactions identified between September 2021 and August 2024. The ED suspects that approximately 370 individuals have entered the US using this illegal immigration scheme. The agency has recorded statements from parents and guardians of students enrolled in Canadian colleges and continues its investigation.
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
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.
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.
Congress is indulging in a populist frenzy; and the US administration is hoping for the best.
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.
Abu Dhabi's International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the US indictment of the conglomerate's founder chairman Gautam Adani. "Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC, one of Adani group's key foreign investors, said in a statement.
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.
Horst Koehler, managing director of International Monetary Fund, has announced his resignation after being nominated to become the German President.
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.
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".
With former prime minister Imran Khan in jail, Sharif's Pakistan Muslim League-Nawaz (PML-N) is tipped to emerge as the single largest party in the elections.
'Most crises take place because locals take their money out, not because only foreigners do'
Employment in India saw a V-shaped recovery after being adversely impacted between April and June 2020 during the Covid lockdown and during April-June 2021, when the second wave struck, said Krishnamurthy V Subramanian, former chief economic advisor, in a paper released on Friday. Subramanian is now serving as executive director of the International Monetary Fund (IMF). From the official survey data of the National Sample Survey Organisation (NSSO), the paper titled 'Employment in India: Data Sources, Facts, and Trends' showed that both worker-population ratio (WPR) and labour force participation rate (LFPR) were higher, while the unemployment rate was lower during October-December 2022 when compared to the corresponding quarter in 2019.
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.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
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.
Y Venugopal Reddy, currently executive director of International Monetary Fund will be the new Governor of Reserve Bank of India, succeeding Bimal Jalan.
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