IMF says there will be a lot of challenges to deal with, especially because of youth unemployment.
With many countries piling up massive debts in the wake of the global crisis, the International Monetary Fund has cautioned that 'fiscal sustainability' is going to be a big problem for the coming several years.
Gold reserves remained unchanged at $21.584 billion.
Kerala Chief Minister V S Achuthananadan on Sunday hit back at Rahul Gandhi for his jibe at the Communist party of India-Marxist stalwart on his age, calling him an "Amul baby". Achuthananadan also countered Prime Minister Manmohan Singh for his criticism that the Left rule had done serious damage to Kerala and West Bengal, asking him not to speak with "hangover of a former International Monetary Fund officer".
Projecting over seven per cent economic growth in Asia this year, the International Monetary Fund on Wednesday said countries in the region will be able to exit stimulus measures earlier than the advanced economies.
The two bodies have been fighting a running battle over the targets for construction of highways.
The International Monetary Fund expects India's economic growth rate to moderate to 7.5-7.75 per cent this fiscal, from 8.5 per cent in 2010-11, on account slowing investments and sluggish global recovery.
Various options, including expanding the scope of some of the existing tools, were being considered to provide a financial safety net.
The International Monetary Fund on Thursday raised India's growth forecast for 2010 to 9.5 per cent, stating that favourable financing conditions and robust corporate profits will accelerate economic expansion.
India's reserve position with the International Monetary Fund was down $4.4 million to $1.67 billion.
China is a big country with a huge economy and capacity. They can play a big role in rebuilding, reconstruction of Afghanistan," Taliban spokesman Suhail Shaheen said.
The 32-year-old maid Nafissatou Diallo, recalling the events of May 14 when Strauss-Kahn allegedly forced her to perform oral sex.
Riled by Sri Lanka's request to defer the planned docking of a high-tech Chinese research vessel at the strategic Hambantota Port, China on Monday took a dig at India, saying it was "senseless to pressure" Colombo by citing the issue of security concerns.
Measures adopted by the European Central Bank and the International Monetary Fund are sufficient to prevent the Eurozone crisis from spilling over to other parts of the globe, a senior Canadian minister said on Tuesday.
Last week, the forex reserves had surged by $2.374 billion to $363.171 billion.
Pointing out that action should be immediate, IMF said there should be a collective effort and that each country that has fiscal space should contribute. According to the agency, as the current crisis would last at least for several more quarters, the fiscal stimulus can rely, more than is usual, on spending measures.
Finance Minister Pranab Mukherjee on Wednesday said Indian markets cannot remain immune to the Eurozone debt problems and will feel the impact if the $1 trillion bailout package by the European Union and the International Monetary Fund does not inspire confidence.
Eurozone leaders have agreed on a bailout package of nearly $1 trillion (750 billion euro) for Greece, as part of their concentrated efforts to prevent the debt crisis contagion from spreading to other nations.
The Greek debt crisis shows clearly that if the eurozone is to come out of this crisis relatively unscathed, it needs a full-time fiscal-monitoring and crisis-resolution mechanism.
The finance ministers of 16 nations that use the euro Sunday night sealed a 110-billion euro bailout package for heavily indebted Greece over three years after the country's government agreed to a new round of tough austerity measures.
Strauss Khan argued that the stimulus measures adopted by countries to combat the global crisis should be withdrawn only when the economic recovery has taken hold and unemployment is set to decline.
In the previous week, the reserves had fallen by $3.028 billion to $360.797 billion.
The World Bank and The International Monetary Fund concluded their annual spring meeting here by increasing the voting rights of India, China and Brazil, among others, thus giving them more say in the institutions' functioning.
The Planning Commission on Thursday described the International Monetary Fund's growth projection of 8.8 per cent for India as optimistic and said the panel would stick to its outlook.
Pakistan was "drowning" in debt and it was the new government's job to "sail this ship ashore," Prime Minister Shehbaz Sharif said on Wednesday.
Kalpana Kochhar, country head-India of the International Monetary Fund, says it is 'very difficult not to be bullish on India'
The former IMF chief, who was indicted on seven counts on Thursday, allegedly forced the maid at the Sofitel hotel in Manhattan to perform oral sex.
Expect heightened volatility and stress to hit the markets. Caution may be the need of the hour, alerts Akash Prakash.
On Wednesday, the alleged victim, a 32-year-old chambermaid, testified against Strauss-Kahn that 'there was nothing consensual' about the assault that allegedly took place on Saturday in a Manhattan hotel room, ABC News reported.
For the current fiscal, the fund said the economy would grow by 6.7 per cent, much lower than the 7.2 per cent projected by the Central Statistical Organisation.
IMF's change of heart on capital controls is important, but it needs to be followed by further action.
British Prime Minister David Cameron on Tuesday said an Indian or Chinese could be the next chief of the International Monetary Fund, and played down the chances of his predecessor Gordon Brown taking over the key position.
The IMF members' investment in the fund's securities will boost the fund's capacity to help member countries, particularly developing and emerging market countries, cope with the crisis and thus benefit all members by facilitating an early recovery of the global economy. At the same time, the new notes will offer members a safe investment instrument with reasonable return.
India last year announced tax cuts and increased expenditure to prop up the economy hit by the global economic slowdown.
The Central Bureau of Investigation on Friday approached a Delhi court seeking revision of its order directing the agency to withdraw a Look Out Circular issued against Aakar Patel even as the activist filed a contempt plea against the agency, stating that he was not allowed to leave the country once again despite the court's order.
In the previous week, the reserves had fallen by $121.3 million to $360.905 billion.
Headline inflation will come down under the 6 per cent mark in July itself but will stay at an elevated level of over 5 per cent for some time, Chief Economic Advisor K V Subramanian said on Thursday. Such an outcome will get the price rise back into the upper-end of the target band given to RBI, he said, adding that consumer price inflation had breached the mark for three consecutive quarters last fiscal because of supply side issues like challenges in movement of goods. "With reasonable probability, I expect this month the (inflation) print to come less than 6 per cent," Subramanian told a conference organised by industry lobby Ficci. Right after data for May showing inflation at 6.4 per cent had come out, Subramanian said he had predicted it will cool down in internal meetings and also during "deliberations with the regulator".
The deteriorating global economy means financial institutions now face total losses of $4,100bn on loans and other assets, the International Monetary Fund said on Tuesday, urging governments to take "bolder steps" to shore up institutions - including nationalising them where necessary.
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