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.
It will depend on how the Fund chooses to deploy its newfound power, asks Dani Rodrik.
It will take 1/10th of the current expenditure on subsidy to benefit the bottom 40 per cent of the population, according to Laura Papi, Assistant Director, Asia and Pacific Department at the International Monetary Fund.
Given that the public is no longer willing to tolerate lack of transparency, politicians will see they have no alternative but to change, feels Raghuram Rajan, economic advisor to the prime minister. Interestingly, Professor Rajan made this hard-hitting speech at an event to release a book in Prime Minister Manmohan Singh's honour.
FM's top adviser Raghuram Rajan had earlier said that the target was tough to meet.
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.
Apart from Lagarde, Mexican central bank governor Agustin Carstens and Kazakhstan's central bank governor Grigory Marchenkois are in the fray for the IMF managing director's post which fell vacant after the ignominious exit of Dominique Strauss-Kahn last month.
Potential growth in India is 8 to 8.5 per cent, says Kalpana Kochhar, World Bank's Chief Economist for South Asia.
While most European countries are backing Lagarde, the developing countries are trying to build a consensus on nominating a person from the emerging nations as the next IMF chief.
Moments before he was taken off a France-bound flight last week, Strauss-Kahn reportedly told the flight attendant, 'what a nice a**' or in French, 'Quel beau cul!', The New York Post reported.
The IMF said in its latest report that the global economy is likely to grow at a slower rate than previously forecast over the next two years.
Revising its economic outlook, International Monetary Fund (IMF) today marginally brought down India's growth rate projections to 5.6 per cent for this fiscal and 6.3 per cent for the next financial year.
The reserves nearing $ 428 billion can take care of imports for almost 10 months, according to market experts.
Pointing out that global economy continues to vulnerable, the declaration issued at the end of the two-day G-20 summit in Los Cabos said, "this effort (to provide $450 billion to the IMF) shows the G-20 and the international community's commitment to take the steps needed to safeguard global financial stability and enhance the IMF's role in crisis prevention and resolution."
Indian economy is expected to grow at decade low of 4.9 per cent in 2013-14.
The IMF has encouraged both the UK and the EU to work collaboratively towards a smooth transition.
India can now, if required, borrow up to $30 billion a year, up from $6 billion, from the International Monetary Fund for a three-month period which can be renewed twice more in 3-month cycles.
Justice Douglas McKeon of the New York State Supreme Court in the Bronx here announced at a hearing on Monday that terms of the settlement reached between Strauss-Kahn and Nafissatou Diallo will remain confidential.
The RBI issued a fairly gloomy forecast in its monetary policy statement last Friday.
Maharashtra has the highest debt among all states in India.
The meeting, on the sidelines of the Annual Spring session of the International Monetary Fund and World Bank, will happen within a couple days of about a dozen US industry associations writing to the US Treasury Secretary to take up the controversial move by India to amend the Income Tax Act with retrospective effect.
The weather in Washington is balmy, but Finance Minister Pranab Mukherjee, in the US to attend a meeting of the International Monetary Fund and the World Bank, would feel a distinct chill as he readies to meet corporate America.
At the IMF, India is expected to link announcement of additional resources to the IMF to the implementation of 2012 quota reform.
According to the finance minister, India was compliant with most of the internationally accepted standards in banking, securities markets and insurance sector.
The warning being issued by many respected economists to governments across the world has been as follows: do not declare victory too soon since the path ahead is a very long one.
The lawyer for hotel housekeeper Nafissatou Diallo also met with prosecutors briefly.
The managing director of the International Monetary Fund, on a two-day visit in New Delhi, was speaking at a conference on growth aspects of Indian and Chinese economies.
This year's deliberations, on October 9-14, come in the backdrop of the persisting crisis in Europe and the US and its apparent effects on India, China and other countries supposedly driving growth.
The United States reigns supreme as the world's economic superpower.
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.
FCAs decreased by $3.56 billion to $325.03 billion.
In a statement, the world body said policy measures to stimulate Indian economy and a good harvest should support domestic demand. After last year's record of 9.2 per cent of GDP, the IMF said the capital inflows are expected to decline this fiscal year. Till December 2008 portfolio investment recorded a $11 billion outflow.
Kaushik Basu, till recently the chief economic adviser of the government of India, who created a political firestorm in April when he said here on the sidelines of the World Bank/International Monetary Fund meetings that no economic reforms were likely in India before 2014 when parliamentary elections are due, has been appointed the World Bank's Chief Economist and Senior Vice President.
Equity markets rallied after softer-than-expected inflation data in the US and UK rekindled hopes of the end of the rate-hiking cycle by major central banks. The soft inflation reading drove down bond yields and the US dollar, whetting the appetite for risky assets. The 10-year US bond yield fell below 4.5 per cent after topping 5 per cent less than a month ago.
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.
Rediff.com spoke to Raghuram Rajan about his book, what enthuses him about the Indian economy, and what are the concerns he has with India's chaotic progress . . .
Rajan, who will be a key member of Finance Minister P Chidambaram's team, was also honorary economic adviser to Prime Minister Manmohan Singh.
A national religious council should manage temples and places of historical and cultural relevance to the followers of all Indian religions, says Pramod Kumar Buravalli.
I think it is a clear objective in India to bring the fiscal deficit down as part of its fiscal consolidation, says Anoop Singh.
French Finance Minister Christine Lagarde on Tuesday became the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens.
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