IMF is plagued by the dominance of the US on account of its veto power and the lack of representation of all partakers in the society, he said.
BRICS members have expressed 'serious concerns' over the unilateral imposition of trade and finance-related measures, including higher tariffs and non-tariff barriers, stating these actions distort trade and are inconsistent with WTO rules. The grouping also highlighted elevated risks to the global economic outlook due to geopolitical tensions, trade fragmentation, and protectionism.
Former Chief Economic Adviser Krishnamurthy V Subramanian outlines India's strategy to become a USD 55 trillion economy by 2047. The plan hinges on leveraging its young demographic in AI, dominating sunrise sectors like space and defence tech, attracting FDI, and achieving sustained 8% GDP growth.
'This rise in foreign exchange reserves was expected given the amount of FCNR(B) flow.'
Pakistan has increased its defence budget by 17.6 per cent to PKRs 3,000 billion for the upcoming fiscal year, as announced by Finance Minister Muhammad Aurangzeb. The federal budget, estimated at PKRs 18,771 billion, targets 4 per cent GDP growth, with significant allocations for debt service and pensions. Prime Minister Shehbaz Sharif highlighted economic stability and ongoing discussions with the IMF, while the opposition protested Imran Khan's incarceration during the budget session.
The Unified Payments Interface (UPI) has completed a decade since its launch, becoming the backbone of India's digital payments ecosystem. It has seen exponential growth in transaction volume and value, expanding financial inclusion and setting a global benchmark for real-time payments.
As the world's most populous country, India's economy looks large in the aggregate even as its average incomes stay modest.
The International Monetary Fund (IMF) has reduced India's growth forecast for FY27 to 6.4 per cent, citing the potential impact of higher energy prices offsetting the country's economic resilience. Despite this, India remains among the fastest-growing major economies.
For India, the goal is not simply to host another grand diplomatic gathering. It is to prove that a diverse coalition of emerging powers can still deliver.
'The prohibition regime has been accompanied by concerns regarding the expansion of the illicit liquor trade, increased enforcement challenges and corruption, and the growing use of alternative intoxicants, including illicit drugs.'
The University of Chicago has conferred its Alumni Award for Professional Achievement to India's former chief economic adviser Krishnamurthy V Subramanian, the first Indian economist to receive the honour since 1941.
India and China are in what experts call 'a cooperation-versus-competition situation'.
Investors opening new brokerage accounts must choose a broker suited to their style.
The Asian Development Bank (ADB) has revised down India's GDP growth forecast for fiscal year 2026-27 (FY27) to 6.6 per cent from an earlier 6.9 per cent, primarily attributing the change to elevated energy prices stemming from the Middle East conflict. Despite this moderation, India is still expected to remain the world's fastest-growing major economy.
At least 32 people have been killed and over 700 injured after two powerful earthquakes struck western Venezuela, with Acting President Delcy Rodriguez declaring La Guaira a disaster zone and warning the death toll is expected to rise as rescue operations continue.
RBI Governor Sanjay Malhotra stated that the central bank is closely monitoring whether the supply shock from the West Asia conflict will lead to a generalised price rise, potentially necessitating monetary policy action.
The Sri Lankan government attributes the sharp depreciation of the rupee against the US dollar to the ongoing conflict in West Asia, citing increased costs for essential imports like gas, fertiliser, and oil.
NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA) have successfully integrated the Maldives' instant payment system 'Favara' with India's Unified Payments Interface (UPI). This enables real-time fund transfers from Maldives to UPI-enabled Indian bank accounts, marking a significant step in cross-border digital financial connectivity and bilateral economic cooperation.
'It is not because of the war in West Asia, which began on February 28.' 'Petroleum product prices are already going through the roof. They are bound to have a serious inflationary impact.' 'A country's leadership is tested in trying times. It is here that the current leadership is failing.'
Pakistan has received the second and final tranche of USD 1 billion from Saudi Arabia, completing a USD 3 billion aid package aimed at boosting its foreign reserves, the state bank said.
The Reserve Bank of India (RBI) has introduced a new framework allowing banks to offer differential interest rates on bulk deposits based on their liquidity characteristics under the Liquidity Coverage Ratio (LCR) framework, while maintaining the principle of uniform pricing across similar deposits.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
The Reserve Bank of India's proposal to allow non-banking financial companies (NBFCs) access to the term money market is projected to significantly increase market volumes by 40-60 per cent in the first year, potentially doubling turnover within two to three years, according to treasury executives.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
Unified Payments Interface (UPI) has reached a record Rs 314 lakh crore in transaction value in FY26, representing more than a 4,000-fold increase since inception.
India's Code on Wages mandates strict payout deadlines, two-day full and final settlements, universal wage coverage and capped deductions to safeguard employees and enhance payroll transparency nationwide.
India emerged reasonably well from 2025. But now, the oil shock and war-related supply disruptions have again driven funds out of India and significantly weakened the rupee, points out Ajay Chhibber.
In a world fractured by uncertainty, India stands out for its policy consistency, paired with sustained ambition, points out Pritam Banerjee.
Ashok Lahiri, a distinguished economist with experience in government, the private sector, and electoral politics, has been appointed as the new Vice-Chairman of NITI Aayog, tasked with strengthening India's reform trajectory and policy-making.
Pakistan's skewed foreign reserves got a major boost after Saudi Arabia pledged an additional $3 billion in deposits while extending its existing $5 billion facility for a further three years.
The contraction in total reserves was driven by a fall in gold reserves, which dropped $13.49 billion to $117.19 billion during the reported week.
The IMF on Monday raised India's growth projection to 7.3 per cent for fiscal 2025-26, up 0.7 percentage point from its October forecast, on the back of better-than-expected performance of the economy. The Washington-headquartered multilateral lending agency has also revised India's Gross Domestic Product (GDP) growth forecast to 6.4 per cent for fiscal year 2026-27 beginning April 1, 2026, from its earlier estimate of 6.2 per cent.
Glimpses from around the world that will make you smile and cry.
In 2024, Pakistan shelled out $10.2 billion in defence spends.
Seeking foreign loan had forced Pakistan to 'bow' its head and make compromises at the 'cost of self-respect', Prime Minister Shehbaz Sharif has said in a candid admission about the humiliation involved in approaching 'friendly countries' for financial aid.
In its June 2025 review, the International Monetary Fund spotlighted India's Unified Payments Interface as the world's most dominant retail instant-payment network, moving more transactions than any other system on the globe.
The International Monetary Fund, in its report on the Indian economy, said the Insolvency and Bankruptcy Code (IBC) Amendment Bill addresses many deficiencies but it has not provided for the participation of operational creditors or rules for executory contracts. The IMF staff report said that the business dynamism in India remains relatively low, marked by low rates of entry and exit, and a high share of inactive or inefficient firms reflecting structural rigidities and high compliance levels.
For India, much is at stake: Crucial energy supplies traversing the Strait of Hormuz, the fate of its 10 million citizens living and working in West Asia -- who send generous remittances home -- and its major trade links with the region.
India has opposed the International Monetary Fund's (IMF) proposal to extend fresh loans of USD 2.3 billion to Pakistan, citing concerns that the funds could be misused for financing state-sponsored cross-border terrorism. India abstained from voting at the IMF meeting, expressing concerns about Pakistan's track record and the possibility of debt financing being misused for terrorism. The IMF took note of India's statements and its abstention from the vote. India's opposition comes at a time when military conflict between India and Pakistan has intensified following a terrorist attack in Kashmir.
Prashant Kishor's Jan Suraaj Party reiterated its promise to scrap the liquor ban in Bihar if elected, planning to use the revenue to secure loans from international financial institutions.
