"At 11 per cent of GDP, the fiscal deficit is too high. Growth can be fast if deficit is down and faster if reforms continue," says Nicholas Stern, ex-chief economist, World Bank.
IMF chief Horst Kohler, who is in Dubai to World Bank Group and IMF meetings, did not comment on the issue of BPCL and HPCL divestment.
The government on Monday approved the appointment of B P Mishra as the new executive director of International Monetary Fund.
India's reserve position with the International Monetary Fund was down $4.4 million to $1.67 billion.
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.
Only time will tell whether an individual like Rajan would be able to influence the manner in which the Fund looks at the rest of the world, especially developing countries.\n\n
An exclusive interview with Dr Raghuram Rajan, who has just been appointed Chief Economist at the IMF.
IMF managing director Horst Koehler said Raghuram Rajan has been at the forefront of his work on banking and financial sector issues.
Foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.
FCAs decreased by $3.56 billion to $325.03 billion.
Fund raises growth forecast to 8.3% in 2006.
Upbeat over India's economy, International Monetary Fund said on Wednesday that the country had the potential to grow at 10 per cent annually for several years, higher than the Tenth Plan target of 8.0 per cent.
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.
Reliance Industries raced to 52-week high on better than estimated earnings and announcement of bonus share.
Gold prices are expected to slump by 5 per cent before the end of this month to $855 per ounce as leaders of G-20 nations agreed on Thursday that the International Monetary Fund should sell gold from its reserve to help stimulate the world economy.
IMF Chief Economist Raghuram Rajan has said that while the Indian government has as strong reason to feel good about the economy, a lot still remains to be done.
Gold reserves remained unchanged at $19.943 billion.
Panagariya, who heads the government's main economic advisory body NITI Aayog, is also India's Group of 20 summit negotiator
International Monetary Fund on Friday warned the Centre of high fiscal deficit that could come in the way of sustaining high growth in the economy, which clocked 8.4 per cent rise in the second quarter of 2003-04.
The gold reserves remained unchanged at $18.151 billion.
The International Monetary Fund forecast on Thursday that the Indian economy will grow 5.5 per cent in 2003-04 with some upside potential, but said fiscal deficit and public debt were an economic burden.
After a fall last week, India's foreign exchange reserves have recorded a rise again and are nearing the $85 billion mark.
Rajan, 57, who was RBI governor for three years until September 2016, is currently working as a professor at the prestigious University of Chicago.
International Monetary Fund has cut its 2003 global growth forecast to 3.2 per cent from 3.7 per cent due to the Iraq war and stock market declines, and is particularly worried about weak German growth.
The head of the International Monetary Fund on Tuesday forecast the global economy would grow by slightly more than 3 per cent this year and advanced economies may need to cut interest rates to support the recovery.\n\n\n\n
Asia is likely to sprint ahead of the rest of the world in 2003, but the lingering uncertainty of a Middle East war and slowing US economy can derail the region's growth engine, a top IMF official said.
The specter of war in Iraq and instability in the world's No. 5 oil producer, Venezuela, as well as world market woes, bode poorly for the global economy, a top IMF official said on Friday.
Gold reserves were up by $712 million to $34.729 billion.
