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 poll found that among those who voted for the Conservatives at the last election, 62 per cent said that party members had made the wrong choice when the race was shortlisted between Truss and Sunak.
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
People are availing far more of certain kinds of unsecured loans than was the case before the pandemic. Bank lending for buying consumer durables and funding of credit cards and other personal loans have risen by Rs 6.9 trillion between August 2019 and August 2023, shows a Business Standard analysis of data from the Reserve Bank of India (RBI). These loans are typically unsecured, which means they are provided without collateral.
The Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint was filed before the court of Special Judge Kiran Gupta in New Delhi on Wednesday under the criminal sections of the Prevention of Money Laundering Act and Vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The judge posted the matter for consideration on December 13.
On global imbalances, Lagarde noted that IMF is assessing external imbalances and misalignments through its new External Sector Report.
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.
Christine Lagarde recently gave a speech in which she outlined steps needed to avoid future global crisis.
Lagarde said that she had elaborate discussions on the general economic situation.
It says RBI may have to continue raising rates; prescribes floating sovereign bonds, going for NRI forex swaps again.
A team of CBI officers reached his residence in south Kolkata's Chetla area along with a large contingent of central forces in the morning, officials said.
Raghuram Rajan, a former chief economist at the International Monetary Fund, takes charge at the RBI as the country faces its worst economic crunch since a balance of payments crisis two decades ago.
Raghuram Rajan becomes the 23rd governor of Reserve Bank of India.
In the swap auction conducted on April 23, the Reserve Bank had received bids worth $ 18.65 billion against $ 5 billion on offer.
Pakistan's current account deficit (CAD) increased to a 4-year high of $17.4 billion in the fiscal year of 2021-22, indicating more troubles for the ailing economy of the cash-strapped country. The State Bank of Pakistan (SBP) on Wednesday reported that the country recorded a CAD of $17.406 billion in FY22 compared to a gap of just $2.82 billion in FY21. According to Dawn newspaper, the massive CAD speaks a lot about the severe problem of the balance of payments.
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.
A rapidly deteriorating balance of payments may warrant that but the political climate is too risky
'The global situation is not very good.'
Reliance Industries raced to 52-week high on better than estimated earnings and announcement of bonus share.
International Monetary Fund has said more remains to be done to put the US public finances back on sustainable path.
Inflation, which has been at high levels, is also a key challenge for the country, Thomas J Richardson, the IMF's Senior Resident Representative in India and Nepal, said in New Delhi on Wednesday.
While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
India's economic growth is likely to shrink by 1.25 per cent to 7.9 per cent this fiscal, mainly on account of tight monetary conditions and continued pressure on inflation, the International Monetary Fund said on Friday. The IMF report also warned that investment would be more affected than consumption on account of the tight monetary conditions and fall in global economy following US sub-prime crisis. Compared to China, India has little fiscal space to keep up the growth.
IMF has predicted a slowdown of world economic growth and approves of Fed Reserve's move of cutting its interest rate.
He called on developed countries to play their part in restoring international monetary cooperation.
The foreign exchange kitty had crossed the half-a-trillion mark for the first time in the week ended June 5, 2020, after it had swelled by $8.223 billion to stand at $501.703 billion.
The IMF Board of Governors have approved a general allocation of special drawing rights equivalent to $250 billion to provide liquidity to global economic system by supplementing its member countries' foreign exchange reserves.
A day after the Reserve Bank kept key interest rates unchanged, the International Monetary Fund on Wednesday said further interest rate increases are needed in India with monetary conditions still accommodative and credit expanding strongly.
Raghuram Rajan says he's not beholden to the Finance Ministry nor does he go around with the fear of being fired.
"The BRICS are open to consider, if necessary, providing support through the IMF or other international financial institutions in order to address the present challenges to global financial stability, depending on individual country circumstances," said a joint communiqu issued by the BRICS finance ministers after their meeting.
The International Monetary Fund has said it broadly supports the series of economic reforms undertaken by India, which is moving in the right direction.
The Reserve Bank has entered into an agreement buy up to $10 billion (over Rs 45,000 crore) worth notes from the IMF to help the multilateral agency shore up its resources for assisting countries hit by the global financial meltdown.
When Pandit was in Japan last week, meeting International Monetary Fund and World Bank officials, Michael E O'Neill, the new chairman of Citigroup since April, was applying the final touches of his masterplan to remove Pandit.
German Chancellor Angela Merkel had assured the Greek leaders her continued support for the country to remain in the euro zone when she last Wednesday made her first visit to Athens in nearly three years.
The International Monetary Fund (IMF) has cut down its 2013 forecast for global economic growth to 3.9 per cent from the 4.1 per cent, trimming projections for most advanced and emerging economies.
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