The International Monetary Fund has said it broadly supports the series of economic reforms undertaken by India, which is moving in the right direction.
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.
Potential growth in India is 8 to 8.5 per cent, says Kalpana Kochhar, World Bank's Chief Economist for South Asia.
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.
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.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
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.
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."
Get more people working, get more people working in modern manufacturing and services in our cities, and get people working better and longer, suggests Naushad Forbes, past president, CII.
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 biggest question looming over the summit is whether there will be a joint leaders' declaration in view of the sharp differences between the West and the Russia-China combine on the text to describe the Ukraine conflict in the document.
Indian economy is expected to grow at decade low of 4.9 per cent in 2013-14.
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 IMF has encouraged both the UK and the EU to work collaboratively towards a smooth transition.
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 RBI issued a fairly gloomy forecast in its monetary policy statement last Friday.
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.
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.
In the swap auction conducted on April 23, the Reserve Bank had received bids worth $ 18.65 billion against $ 5 billion on offer.
The United States reigns supreme as the world's economic superpower.
The IMF targets to sell about 403.3 metric tonnes of gold to shore up its finances so that it can lend money to the poorest countries at concessional rates.
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.
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 . . .
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.
The International Monetary Fund on Thursday retained its projection for Indian economic growth at 5.4 per cent in 2009, implying a slower growth in the second half of this calendar year.
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.
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.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Rajan, who will be a key member of Finance Minister P Chidambaram's team, was also honorary economic adviser to Prime Minister Manmohan Singh.
In a statement, the IMF said French Finance Minister Christine Lagarde and the Mexican economist Agustin Carstens were interviewed by its Executive Board this week.
I think it is a clear objective in India to bring the fiscal deficit down as part of its fiscal consolidation, says Anoop Singh.
Method will be part of this year's Economic Survey; will help investors in relative comparison.
International Monetary Fund and World Bank are top global financial institutions.
