Even though inflation in India may not seem too high now, it is imperative that New Delhi deals with it immediately before it spills over into other areas, says a senior International Monetary Fund official.
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.
In the reporting week, foreign currency assets, which are a major component of the overall reserves, reduced by $ 633 million to $ 398.724 billion.
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.
Eminent economist Parthasarathi Shome will be the new advisor to Finance Minister P Chidambaram. He succeeds Vijay Kelkar, whose term ended on August 31.
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.
The country secured a euro 7.16 billion bridge financing from the European Financial Stability Mechanism
India is expected to contribute 15 per cent to the global growth in 2023, an International Monetary Fund (IMF) official said on Tuesday. "Both India and China are expected to contribute 50 per cent of the global growth in the upcoming year (2023). "However, the share of India's contribution to global growth is expected to be around 15 per cent," Krishna Srinivasan, director, Asia and Pacific Department (APD) at IMF said at a roundtable with reporters from south Asian countries.
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
The country's foreign exchange reserves declined by $7.541 billion to $572.712 billion in the week ended July 15 as the Reserve Bank continued to intervene in the market to curb the fall of the rupee. In the previous week ended July 8, the reserves shrunk by $8.06 billion to $580.25 billion, the Reserve Bank of India (RBI) data showed on Friday. On Friday, the rupee fell by 5 paise to close at 79.90 against the US dollar.
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.
During the week, gold reserves declined by $443 million to $26.910 billion.
India's foreign exchange reserves rose further by $89 million to reach $118.57 billion for the week ended May 7.
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 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.
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".
'Most crises take place because locals take their money out, not because only foreigners do'
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.
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.
