The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
Indian-American business leader Ajay Banga is poised to become the next President of the World Bank after the nomination period closed and no country proposed an alternate candidate for the prestigious post. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history." The World Bank on Wednesday closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga.
The country's foreign exchange reserves declined by $1.47 billion to $639.64 billion in the week ended September 17, RBI data showed on Friday. In the previous week ended September 10, 2021, the reserves had dipped by $1.34 billion to $641.11 billion. The reserves had surged by $8.89 billion to a lifetime high of $642.45 billion in the week ended September 3, 2021.
A prominent Indian Diaspora body, FIIDS, on Monday urged Finance Minister Nirmala Sitharaman to allow non-resident Indians and overseas citizens of India (OCI) card holders to invest in the Indian stock market. Such a move would boost the Indian economy further by attracting investment from the global Indian community, said the Foundation for India and Indian Diaspora Studies (FIIDS) USA. FIIDS is a US-based institute for US-India policy studies and awareness.
What some of our leaders were up to on Tuesday, November 15.
The country's foreign exchange reserves rose by $758 million to reach a record high of $586.082 billion in the week ended January 8, RBI data showed on Friday. In the previous week ended January 1, the reserves had increased by $4.483 billion to $585.324 billion.
Among the Sensex firms, Adani Enterprises and Adani Ports sustained their gaining momentum and traded higher by 4.40 per cent and 4.37 per cent, respectively. BPCL, Axis Bank, Mahindra & Mahindra and SBI were the other major gainers. On the other hand, HCL Tech, Infosys and Bajaj Auto traded in the negative zone with a loss of up to 1.54 per cent.
The country's foreign exchange reserves increased by $8.895 billion to reach a record high of $642.453 billion in the week ended September 3, the Reserve Bank of India (RBI) data showed. In the previous week ended August 27, the reserves had surged $16.663 billion to $633.558 billion, mainly due to a rise in special drawing rights (SDR) holdings. International Monetary Fund (IMF) had made an allocation of SDR 12.57 billion to India. For the week ended September 3, the increase was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves, RBI's weekly data released on Friday showed.
The IMF chief described the incident of rape and murder of an eight-year-old girl in India as "revolting.
The country's foreign exchange reserves surged by $5.271 billion to touch a record high of $598.165 billion in the week ended May 28, RBI data showed on Friday. In the previous week ended May 21, 2021, the reserves had increased by $2.865 billion to $592.894 billion. While announcing the second bi-monthly monetary policy review earlier on Friday, RBI Governor Shaktikanta Das said the country's forex reserves may have crossed $600 billion currently.
'More than investors, fund houses, and advisors have raised caution and limited flows on small-and mid-caps.'
India's deployment of a direct cash transfer scheme and other similar social welfare programmes is a "logistical marvel", the International Monetary Fund (IMF) said on Wednesday. "From India, there is a lot to learn. There is a lot to learn from some other examples around the world. "We have examples from pretty much every continent and every level of income. "If I look at the case of India, it is actually quite impressive," Paolo Mauro, deputy director of the Fiscal Affairs Department at the IMF, told reporters at a news conference in Washington.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
Kakar, a lawmaker belonging to Balochistan Awami Party (BAP), will lead a caretaker government until a new election later this year.
The country's foreign exchange reserves rose by $2.865 billion to a record high of $592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday. The previous all-time high for the forex kitty was $590.185 billion for the week ended January 29, 2021. For the previous week ended May 14, the reserves had increased by $563 million to reach $590.028 billion.
China will not be allowed to use the southern port of Hambantota for military purposes, Sri Lankan President Ranil Wickremesinghe has said, apparently attempting to allay fears in India and the United States about China's increasing maritime presence in the strategic Indo-Pacific region.
The SJB has begun to collect signatures from MPs for the no-confidence motion, according to media reports.
The country's foreign exchange reserves rose by $563 million to reach $590.028 billion in the week ended May 14, RBI data showed on Friday. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021. In the previous week ended May 7, 2021, the reserves had increased by $1.444 billion to $589.465 billion.
India should give greater priority to markets and trade liberalisation than to capital market liberalisation, a top official of the International Monetary Fund has said.
The country's foreign exchange reserves rose $183 million to touch a record high of $560.715 billion in the week ended October 30, RBI data showed on Friday. In the previous week ended October 23, the reserves had jumped $5.412 billion to $560.532 billion.
The country's foreign exchange reserves declined by a massive $6.24 billion to reach $583.945 billion in the week ended February 5, RBI data showed on Friday. In the previous week, the reserves had touched a record high of $590.185 billion after rising by $4.852 billion. In the reporting week ended February 5, the decline in the forex kitty was mainly on account of a fall in foreign currency assets (FCAs), a major component of the overall reserves.
The main Opposition BNP of former premier Khaleda Zia, 78, who is under house arrest, is boycotting the elections amidst violence.
Growing at a robust rate due to economic reforms in key sectors like digitisation and infrastructure, India has emerged as a star performer and is projected to contribute more than 16 per cent of the global growth, the International Monetary Fund said on Monday. "What we have been observing for quite some time now is that India has been growing at a very robust rate. "It's one of the star performers when it comes to real growth when you look at peer countries.
India's decision to ban the export of non-basmati white rice has pushed up global prices, prompting multilateral lending agencies, such as the International Monetary Fund (IMF), to call for a reconsideration of the move. Though nothing has been spelled out yet officially, sources said, the government might consider requests for government-to-government sale of non-basmati white rice, especially to West African nations where India is a major supplier. Also, traders and exporters of specialty regional rice varieties like sona masuri or gobindo bhog feel that they have been short-changed.
The country's foreign exchange reserves increased by $1.701 billion to $584.107 billion in the week ended April 23, 2021, RBI data showed. In the previous week ended April 16, 2021, the reserves had risen by $1.193 billion to $582.406 billion. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021.
The International Monetary Fund (IMF) has said India and China will account for half of the global economic growth in 2023, as the multilateral agency retained its growth forecast for Asia's third-largest economy for 2023-24 (FY24). "India remains a bright spot. Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined," the IMF said in its latest update to the biannual World Economic Outlook. Growth in India is set to decline from 6.8 per cent in 2022 (FY23) to 6.1 per cent in 2023 (FY24) before picking up to 6.8 per cent in 2024 (FY25), the global lender said while citing "resilient domestic demand despite external headwinds".
The International Monetary Fund (IMF) on Tuesday said it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1 per cent from 6.8 per cent during the current fiscal ending March 31. The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024. "Our growth projections actually for India are unchanged from our October Outlook.
'If you look at the order books of capital equipment companies or money deployed on the ground, there is forward movement in terms of actual investment by the private sector.'
The World Bank has appointed Indermit Gill, an Indian national, chief economist and senior vice-president for development economics at the multilateral development bank. "Indermit Gill brings to this role a combination of leadership, invaluable expertise and practical experience working with country governments on macroeconomic imbalances, growth, poverty, institutions, conflict, and climate change," World Bank President David Malpass said in a statement. His appointment will be effective September 1, 2022.
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve's guidance for easing rates.
Benchmark stock indices Sensex and Nifty fell for the third day running on Friday due to weak trends in global markets and soaring crude oil prices. Foreign fund outflows also weighed on investor sentiments amid strengthening US bond yields which are nearing 5 per cent for the first time since 2007. The 30-share BSE Sensex fell 231.62 points or 0.35 per cent to settle at 65,397.62.
Notably, Ukrainian forces disabling bridges across the Dnipro river and attacking Russian supply lines made it very difficult for Russia to defend the occupied territory.
From offering office premises that can be converted into isolation wards to earmarking funds to be used for procuring kits, ventilators as well as personal protective equipment for health care workers, India Inc has put a united front to combat the unprecedented crisis facing the country.
Take the rediff business quiz and see how much you know about India and its association with the International Monetary Fund.
Gold reserves rose by $321 million in the reporting week to $37.521 billion.
The country's foreign exchange reserves increased by $1.739 billion to $582.037 billion in the week ended on March 12, the RBI data showed. In the previous week ended March 5, the reserves had declined by $4.255 billion to $580.299 billion. The reserves had touched a record high of $590.185 billion in the week ended January 29, 2021.
Investors may take a 5 to 10 per cent exposure to silver. 'Have a long-term investment horizon when investing in silver ETFs to ride out short-term market fluctuations.'
Gauba is said to be the key architect of the Jammu and Kashmir Reorganisation Act under which Jammu and Kashmir was divided into two Union territories following the abrogation of the special status given to the erstwhile state under Article 370 of the Constitution.
India's forex reserves increased for the second consecutive week, touching $584.554 billion as of February 26, up by $689 million, the Reserve Bank said on Friday. The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week. The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year.
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