It will take a period of time to recover back to the higher levels that India enjoyed in previous years, IMF director said.
Banks submitted bids amounting to Rs 4.75 trillion, around 2.5 times of the notified amount of Rs 1.75 trillion, at the Variable Rate Reverse Repo (VRR) auction conducted by the Reserve Bank of India (RBI) on December 22, a day after the liquidity deficit in the banking system widened to Rs 2.5 trillion. In the most recent VRR auction held by the RBI on December 15, bids totaling 2.7 times the notified amount were received. Banks secured Rs 1 trillion at a weighted average rate of 6.63 per cent.
Gold reserve also declined by $340 million to $30.55 billion.
The United States continues to remain the world's largest economy.
India's growth in the last three financial years has averaged just 1.9%. It is natural to project rapid growth from this low base. Crucial to that would be the assumption that the economy has suffered no lasting damage from the pandemic, observes T N Ninan.
The International Monetary Fund has said that it would be prudent to gain sufficient experience by implementing a comprehensive framework before deciding on the entry of 'mixed groups and conglomerates' into commercial banking.
The areas for improvement include greater de jure independence of regulatory agencies, consolidated supervision of financial conglomerates and reductions in the large exposures and related-party lending limits in banks.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
The Economic Survey 2022-23 (FY23), to be presented a day before Union Budget 2023-24 (FY24), is likely to project India's real gross domestic product (GDP) growth between 6 per cent and 7 per cent for FY24, Business Standard has learnt. The broader theme of the Survey could be on how India has dealt with two years of a global pandemic and the ongoing geopolitical disturbance, the strengths and weaknesses that emerged, and what lessons may be learnt. The much-awaited Survey will be the first one by Chief Economic Advisor V Anantha Nageswaran and his team in the finance ministry's economic division.
Medical education regulator NMC recently notified the "Post-Graduate Medical Education Regulations, 2023" according to which all rounds of counselling for all PG seats will be held online mode by state or central counselling authorities.
As per the charges, these proscribed outfits were operating under the guise of charities and were involved in funnelling funds to terror suspects.
To avoid it, the economies need to improve govt institutions and liberalise rigid labour markets.
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.
Asia has more than one candidate who fits the bill.
"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.
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.
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).
India will soon allow corporate houses to open banks despite misgivings within the RBI.
Two-wheeler exports from India fell by 17.8 per cent to 3.65 million units in 2022-23 (FY23), according to data released by the Society of Indian Automobile Manufacturers (Siam) on Thursday. This decline is due to a rise in global inflation and the weakening of economies and currencies in key export markets of Africa, Latin America (LatAm), and South Asia. In contrast to FY23, two-wheeler exports from India jumped 35.4 per cent to 4.44 million units in 2021-22 (FY22).
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.
The number of mergers and acquisitions (M&As) in August that involved private equity (PE) funds was the lowest in nearly three years. There were 26 such deals last month, according to data from tracker Refinitiv (part of London Stock Exchange Group). The last time monthly deal numbers were so low in recent times was January 2021 when Covid cases were picking up during the second wave of the pandemic.
During the week gold reserves stood unchanged at $18.15 billion.
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.
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.
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.
One could argue that India is not troubled in the same way as China is by a declining population and structural problems in real estate/construction and finance. But India has serious trade and fiscal imbalances, and excessive dependence on capital expenditure by the government, points out T N Ninan.
'Historically, the markets tend to perform well during election years as governments aim to increase spending and call attention to growth.'
The value of the gold reserves increased $78.2 million to $22.764 billion
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
Pranab said he had clarified this issue in no uncertain terms with US Treasury Secretary who had brought up this issue during bilateral talks.
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.
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.
A high-tech Chinese research ship docked at the strategically important Hambantota port departed from Sri Lankan waters on Monday after a controversial six-day visit.
India lags behind 132 countries in per capita income.
The IMF, in its latest World Economic Outlook report, also said India is among the economies that may require more tightening to address inflation pressure.
The IMF, in its latest World Economic Outlook report, also said India is among the economies that may require more tightening to address inflation pressure.
On global imbalances, Lagarde noted that IMF is assessing external imbalances and misalignments through its new External Sector Report.
They welcomed the guests before the start of the dinner from the reception dais, with its backdrop showcasing the ruins of the Nalanda University in Bihar besides India's G20 presidency theme -- 'Vasudhaiva Kutumbakam - One Earth, One Family, One Future'.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances