International Monetary Fund (IMF) chief economist Gita Gopinath has made a strong case for regulating cryptocurrencies, saying it will always be a challenge to ban them as they operate from offshore exchanges. Gopinath also suggested a global policy and co-ordinated action for regulating cryptocurrencies. "I think cryptocurrencies are a particular challenge for emerging markets. "It seems to be more attractive to adopt cryptocurrencies and assets in emerging economies than in advanced economies," she said while addressing an event organised by the National Council of Applied Economic Research (NCAER) on Wednesday.
Extreme poverty in India declined by 12.3 percentage points between 2011 and 2019, with rural areas doing better than urban centres, according to a working paper of the World Bank. India has not released a new household consumption survey since the NSS from 2011. By extension, the country has not released any official estimates of poverty and inequality for over a decade now, added the paper co-authored by economists Sutirtha Sinha Roy and Roy van der Weide.
India's inflation trajectory in the coming months will be influenced more by the geo-political situation due to the war in Europe and its impact on supply chains and commodity prices. However, the country is better placed than most to "weather the storm" and achieve growth of close to 8 per cent in the current fiscal year, the finance ministry said in its latest monthly economic report on Thursday. "Through the channel of imports, elevated global crude and edible oil prices now have a significant impact on India's inflation outlook. "Government measures to keep the prices of these commodities in check, along with the recent hike in policy rates by the RBI, are expected to temper inflationary pressures in the economy," the monthly economic report for April, drafted by the finance ministry's economic division, said.
India's external debt rose by 8.2 per cent year-on-year to $620.7 billion as of March 2022, which according to the finance ministry is sustainable. While 53.2 per cent of it was denominated in the US dollar, Indian rupee-denominated debt, estimated at 31.2 per cent, was the second largest, as per the status report on India's external debt released by the ministry. "India's external debt continues to be sustainable and prudently managed. As of end-March 2022, it stood at $620.7 billion, growing by 8.2 per cent over the level a year ago.
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
Prime Minister Sharif will be visiting Beijing with a high-powered delegation from November 1, 2022, where minutes of the joint coordination committee meeting will be signed.
Asia has more than one candidate who fits the bill.
The main Opposition BNP of former premier Khaleda Zia, 78, who is under house arrest, is boycotting the elections amidst violence.
To avoid it, the economies need to improve govt institutions and liberalise rigid labour markets.
The Bush administration voted for the Canadian candidate instead of Chidambaram, who till end of September had been the front-runner to head the IMF's influential Monetary and Financial Committee.
A statement from the finance ministry said, 'it shall be the policy of the Sri Lankan government to suspend normal debt servicing...shall apply to amounts of affected debts outstanding on April 12, 2022'.
The IMF has warned that an imminent debt default by the US due to the government shutdown would result in disruptions in financial markets and could possibly trigger global economic turmoil.
The African Union on Saturday joined the G20 after all member countries accepted Prime Minister Narendra Modi's proposal to bring the key bloc of the Global South to the high table of the world's top economies, a major diplomatic achievement of India's presidency.
The summit is being attended by more than 30 heads of state and top officials from the European Union and invited guest countries and 14 heads of international organisations.
"The Executive Board will meet with the candidates in Washington and, thereafter, meet to discuss the strengths of the candidates and make a selection," the official IMF statement said.
India will grow at around 7.4 per cent in 2022-23 and continue at the same pace in the next year as well, Union Finance Minister Nirmala Sitharaman said on Friday. Sitharaman said there are risks on the external front and this is not the right time to throw caution to the wind, and also assured exporters of all the necessary support from the government as they face the headwinds. Speaking at the FE Best Bank Awards event here, Sitharaman said global agencies like IMF and the World Bank have taken cognisance of the strengths of the Indian economy by saying that it will be among the fastest growing ones in the next two years.
The Reserve Bank of India on Friday said it will unveil the annual credit policy for 2009-10, which is expected to provide further stimulus to the economy, on April 21.
Prime Minister Manmohan Singh has expressed disappointment at developing countries being ignored in the selection of the president of world's key financial body, the International Monetary Fund (IMF).
The green signal would pave the way for additional funds to the IMF and reforms related to the country representation at the multilateral lending agency, among others. The IMF would get more funding to tackle the global crisis under an expanded borrowing arrangement. The US has committed to increase its credit line by up to $100 billion.
Until now the Fund has sold 212 metric tonnes of gold but it was limited to central banks.
Venu Rajamony, a career diplomat, has been appointed as press secretary to President Pranab Mukherjee.
Venu Rajamony, a career diplomat, has been appointed as press secretary to President Pranab Mukherjee.
India will soon allow corporate houses to open banks despite misgivings within the RBI.
Gold reserves increased $1.54 billion to $32.68 billion in the reporting week.
The IMF's Financial System Stability Assessment Update said India had improved its supervision and regulations in the 20 years since it started liberalising its economy and that its financial system fared well in the global financial crisis.
The IMF and World Bank have stopped loans, and the FATF warned its 39 member nations to block Taliban assets.
The International Monetary Fund (IMF) on Tuesday slashed India's growth forecast for 2022-23 (FY23) by 80 basis points to 7.4 per cent, citing less favourable external conditions and rapid policy tightening by the central bank. In its update to the April World Economic Outlook, the IMF said that though a global recession in 2022 was ruled out with a growth estimate of 3.2 per cent, the balance of risks was squarely to the downside, driven by a wide range of factors that could adversely affect the global economic performance. "The risk of recession is particularly prominent in 2023, when in several economies growth is expected to bottom out, household savings accumulated during the pandemic will have declined, and even small shocks could cause economies to stall.
International Monetary Fund Managing Director Rodrigo de Rato will quit the Fund in October without completing his five-year term which ends in May 2009.
During the week gold reserves stood unchanged at $18.15 billion.
International Monetary Fund Managing Director Dominique Strauss-Kahn has announced his intention to appoint Anoop Singh as Director of the Asia Pacific Department. Singh, an Indian national, who is currently Director of the IMF's Western Hemisphere Department, will succeed David Burton. He holds graduate and post graduate degrees from the Universities of Bombay, Cambridge, and the London School of Economics. Singh has also been special advisor to the governor of the RBI.
Gita Gopinath, the IMF's Indian-American chief economist has been promoted as its First Deputy Managing Director recognising her exceptional intellectual leadership in helping the global economy and the Fund to navigate the "twists and turns" of the "worst economic crisis of our lives". Gopinath would replace Geoffrey Okamoto who plans to leave the International Monetary Fund early next year, Kristalina Georgieva, IMF's managing director announced on Thursday. Gopinath, who was scheduled to return to her academic position at Harvard University in January 2022, has decided to stay, she said. Gopinath, 49, has served as the first female chief economist of the Washington-based global lender for three years.
Gold reserve also declined by $340 million to $30.55 billion.
Pranab said he had clarified this issue in no uncertain terms with US Treasury Secretary who had brought up this issue during bilateral talks.
Qin, who recently succeeded Wang Yi, had a phone call at the request of Bilawal on January 9, a Chinese Foreign Ministry statement in Beijing said on Tuesday.
After a secret voting by the 24 members of IMFC last Friday, India, Italy and Canada were the only countries that remained in contention for the position, which was traditionally headed by Europe.
The position has been vacant since July after the previous incumbent British Finance Minister Gordon Brown vacated the post after becoming the Prime Minister. Brown chaired IMFC for a decade.
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.
India lags behind 132 countries in per capita income.
Lagarde said that she had elaborate discussions on the general economic situation.
As per the charges, these proscribed outfits were operating under the guise of charities and were involved in funnelling funds to terror suspects.
