However, financial flows to the economy remained constrained because of decline in the amount of equity finance raised from the capital markets and stress in the NBFC sector, Finance Minister Nirmala Sitharaman pointed out.
Bhalla will succeed former RBI deputy governor Subir Gokarn, who died in the US on July 30 after a brief illness.
Justice Douglas McKeon of the New York State Supreme Court in the Bronx here announced at a hearing on Monday that terms of the settlement reached between Strauss-Kahn and Nafissatou Diallo will remain confidential.
Members of the Monetary Policy Committee (MPC) felt that though the Indian economy was resilient in the third wave, it, however, lost some momentum and with inflation likely to soften, there is room to continue with the accommodative stance and support revival, the minutes of the MPC meeting released on Thursday revealed. The six-member MPC voted to keep the policy rate unchanged and continued with the accommodative stance at its meeting on February 10. However, external member Jayanth Verma voted against the stance because he felt a switch to neutral was long overdue and the current stance has become counterproductive and deflects focus away from addressing recessionary trends that date back to at least 2019.
The surge in investment in manufacturing seems to have prompted the International Monetary Fund to increase the gross domestic product growth forecast to 8.4 per cent for 2007.
Apart from Lagarde, Mexican central bank governor Agustin Carstens and Kazakhstan's central bank governor Grigory Marchenkois are in the fray for the IMF managing director's post which fell vacant after the ignominious exit of Dominique Strauss-Kahn last month.
The RBI issued a fairly gloomy forecast in its monetary policy statement last Friday.
While most European countries are backing Lagarde, the developing countries are trying to build a consensus on nominating a person from the emerging nations as the next IMF chief.
Moments before he was taken off a France-bound flight last week, Strauss-Kahn reportedly told the flight attendant, 'what a nice a**' or in French, 'Quel beau cul!', The New York Post reported.
Brazil, China, India, Indonesia, South Korea and Russia will account for more than half of all global growth.
India's economy is unlikely to see double-digit growth and may grow between 8 per cent and 9 per cent this fiscal year (2021-22, or FY22), against the estimated 11.5 per cent, according to leading economists and rating agencies. The downward revision of growth projections to as low as 10 per cent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave, and expect the first quarter to see positive growth.
Maharashtra has the highest debt among all states in India.
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Global goods trade will grow by 3.3 per cent this year, says WTO.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
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.
The meeting, on the sidelines of the Annual Spring session of the International Monetary Fund and World Bank, will happen within a couple days of about a dozen US industry associations writing to the US Treasury Secretary to take up the controversial move by India to amend the Income Tax Act with retrospective effect.
The weather in Washington is balmy, but Finance Minister Pranab Mukherjee, in the US to attend a meeting of the International Monetary Fund and the World Bank, would feel a distinct chill as he readies to meet corporate America.
This year's deliberations, on October 9-14, come in the backdrop of the persisting crisis in Europe and the US and its apparent effects on India, China and other countries supposedly driving growth.
The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.
The managing director of the International Monetary Fund, on a two-day visit in New Delhi, was speaking at a conference on growth aspects of Indian and Chinese economies.
Kaushik Basu, till recently the chief economic adviser of the government of India, who created a political firestorm in April when he said here on the sidelines of the World Bank/International Monetary Fund meetings that no economic reforms were likely in India before 2014 when parliamentary elections are due, has been appointed the World Bank's Chief Economist and Senior Vice President.
High food prices have pushed 44 million people into poverty since June.
The United States reigns supreme as the world's economic superpower.
Prime Minister Mahinda Rajapaksa became the only member of the family to retain a cabinet position in his younger brother Gotabaya Rajapaksa's new cabinet of 17 ministers appointed on Monday, as the island nation was facing the worst economic crisis.
Rajan, who will be a key member of Finance Minister P Chidambaram's team, was also honorary economic adviser to Prime Minister Manmohan Singh.
China on Tuesday said the activities of its high-tech research vessel will not affect the security of any country and should not be 'obstructed' by any 'third party', as the ship berthed at Sri Lanka's strategic southern port of Hambantota amid Indian and United States concerns.
The lawyer for hotel housekeeper Nafissatou Diallo also met with prosecutors briefly.
India, which has witnessed numerous terror attacks and still remains a potential target for such strikes, faces significant money laundering and terrorist financing risk, the IMF has warned.
International Monetary Fund has warned emerging markets, which have so far weathered the ongoing financial crisis, that they may not be completely insulated, while noting that risks to India's financial sector appeared manageable. The top international organisation has raised the assessment of market risks for the emerging markets including on capital flows. It said that despite generally strong external positions, some concerns have arisen about dollar funding in Asia.
I think it is a clear objective in India to bring the fiscal deficit down as part of its fiscal consolidation, says Anoop Singh.
Method will be part of this year's Economic Survey; will help investors in relative comparison.
The vaccination drive was only one important part of India's globally recognised pandemic management and response strategy, observes Dr Vinod K Paul.
The paper says the rate of price rise in food items leads to lower income inequality in rural India.
Sri Lanka's main Opposition parties on Sunday agreed to form an all-party interim government after the anticipated resignation of President Gotabaya Rajapaksa on Wednesday, following unprecedented political turmoil that forced him and Prime Minister Ranil Wickremesinghe to offer their resignations over the mishandling of the nation's crippling economic crisis.
The value of the gold reserves increased $78.2 million to $22.764 billion
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.
Narendra Modi's engagement at the upcoming BRICS Summit in Brazil will be keenly watched as the prime minister will interact with some of the world's most powerful leaders. The summit to be held in Fortaleza will also see the launch of the significant BRICS bank whose idea was mooted by India. Rediff.com's Sheela Bhatt gives a lowdown on Modi's first major international rendezvous.
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.
BRICS has no plans to form a military and political alliance, Russian President Vladimir Putin said on Wednesday, in an apparent effort to allay apprehensions of the West.
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