The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
The International Monetary Fund on Thursday raised India's growth forecast for 2010 to 9.5 per cent, stating that favourable financing conditions and robust corporate profits will accelerate economic expansion.
India on Monday failed in its bid to prevent China and three other countries from getting more powers in the International Monetary Fund.
Rodrigo de Rato, Managing Director of the International Monetary Fund, on Monday congratulated Montek Singh Ahluwalia on his appointment as Deputy Chairman of India's Planning Commission.
The International Monetary Fund expects India's economic growth rate to moderate to 7.5-7.75 per cent this fiscal, from 8.5 per cent in 2010-11, on account slowing investments and sluggish global recovery.
Saudi Arabia has agreed to provide US$ 4.2 billion worth of assistance to cash-strapped Pakistan to support its economy, it emerged on Wednesday after Prime Minister Imran Khan held talks with Saudi Prince Mohammad bin Salman in Riyadh this week.
Panagariya, who heads the government's main economic advisory body NITI Aayog, is also India's Group of 20 summit negotiator
Rating agencies Crisil and Icra on Monday revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. "We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity.
Strauss Khan argued that the stimulus measures adopted by countries to combat the global crisis should be withdrawn only when the economic recovery has taken hold and unemployment is set to decline.
Measures adopted by the European Central Bank and the International Monetary Fund are sufficient to prevent the Eurozone crisis from spilling over to other parts of the globe, a senior Canadian minister said on Tuesday.
Finance Minister Pranab Mukherjee on Wednesday said Indian markets cannot remain immune to the Eurozone debt problems and will feel the impact if the $1 trillion bailout package by the European Union and the International Monetary Fund does not inspire confidence.
Eurozone leaders have agreed on a bailout package of nearly $1 trillion (750 billion euro) for Greece, as part of their concentrated efforts to prevent the debt crisis contagion from spreading to other nations.
The Greek debt crisis shows clearly that if the eurozone is to come out of this crisis relatively unscathed, it needs a full-time fiscal-monitoring and crisis-resolution mechanism.
The finance ministers of 16 nations that use the euro Sunday night sealed a 110-billion euro bailout package for heavily indebted Greece over three years after the country's government agreed to a new round of tough austerity measures.
Subbarao said in terms of the risk to growth inflation outlook, the first would depend on global recovery and if it fails, could have an impact for India.
The World Bank and The International Monetary Fund concluded their annual spring meeting here by increasing the voting rights of India, China and Brazil, among others, thus giving them more say in the institutions' functioning.
The Planning Commission on Thursday described the International Monetary Fund's growth projection of 8.8 per cent for India as optimistic and said the panel would stick to its outlook.
The federal agency announced a cash reward of Rs 10 lakh each for Rinda and Landa and Rs 5 lakh each for Parminder Singh Kaira alias "Pattu", Satnam Singh alias "Satbir Singh" alias "Satta" and Yadvinder Singh alias "Yadda".
The 32-year-old maid Nafissatou Diallo, recalling the events of May 14 when Strauss-Kahn allegedly forced her to perform oral sex.
Kalpana Kochhar, country head-India of the International Monetary Fund, says it is 'very difficult not to be bullish on India'
For the current fiscal, the fund said the economy would grow by 6.7 per cent, much lower than the 7.2 per cent projected by the Central Statistical Organisation.
IMF's change of heart on capital controls is important, but it needs to be followed by further action.
The IMF members' investment in the fund's securities will boost the fund's capacity to help member countries, particularly developing and emerging market countries, cope with the crisis and thus benefit all members by facilitating an early recovery of the global economy. At the same time, the new notes will offer members a safe investment instrument with reasonable return.
Gold reserves remained unchanged at $20.691 billion.
For the week under review, Special Drawing Rights fell by $ 13 million to $4.19 billion, while India's reserve position with the International Monetary Fund was down $3.5 million to $1.14 billion.
The World Bank has announced that it will stop all its programmes in Russia and Belarus with "immediate effect" in response to Moscow's military operations in Ukraine and "hostilities" against the people of the war-torn country. On February 24, Russian forces launched military operations in Ukraine, three days after Moscow recognised Ukraine's breakaway regions - Donetsk and Luhansk - as independent entities. The decision comes as a large number of countries, organisations and businesses are severing ties and have imposed sanctions on Russia over the country's invasion of Ukraine, and with Belarus for its support and cooperation with Moscow.
India last year announced tax cuts and increased expenditure to prop up the economy hit by the global economic slowdown.
The deteriorating global economy means financial institutions now face total losses of $4,100bn on loans and other assets, the International Monetary Fund said on Tuesday, urging governments to take "bolder steps" to shore up institutions - including nationalising them where necessary.
The former IMF chief, who was indicted on seven counts on Thursday, allegedly forced the maid at the Sofitel hotel in Manhattan to perform oral sex.
India hopes to increase its share in the quotas of multilateral development banks like the International Monetary Fund and Asian Development Bank after major stakeholders in them bring forward the issue of quota review and expanding in accordance with current realities that will give proper representation to the emerging economies.
Intervening in a Security Council debate on post-conflict peace-building, Indian Ambassador Nirupam Sen roundly criticised Bretton Woods institutions, including the International Monetary Fund, for non-involvement of such nations in the planning for development.
The International Monetary Fund welcomed the commitment made by the G-20 Summit on Thursday to enhance the multilateral agency's ability to support emerging markets and low-income countries, and to bring the world economy out of its deepest post-war recession.
On Wednesday, the alleged victim, a 32-year-old chambermaid, testified against Strauss-Kahn that 'there was nothing consensual' about the assault that allegedly took place on Saturday in a Manhattan hotel room, ABC News reported.
The wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25) is going to take longer than what the finance ministry had originally intended, according to the International Monetary Fund (IMF). The vision will instead be achieved in 2028-29 (FY29), reveals the IMF data, illustrating a four-year delay. Chief Economic Advisor (CEA) V Anantha Nageswaran had in February said India would become a $5-trillion economy by 2025-26 or the following year, on the back of 8-9 per cent sustained growth rate in real gross domestic product (GDP). However, the IMF data conveys that the economy will be $4.92 trillion in FY28, clearly alluding to the fact that the target will be realised in FY29.
Addressing reporters on the occasion of release of G-20 Surveillance Note in Washington on Thursday, senior IMF officials, however, emphasised that the world body expects advanced countries to turn around and grow at a moderate pace in 2010.
In an interview with the Financial Times following an assassination attempt this month, Khan said he no longer 'blamed' the US and wants a 'dignified' relationship if re-elected.
In an effort to allow 19 poor countries to promote growth and make progress towards achieving the Millennium Development Goals, the International Monetary Fund will grant 100 per cent debt relief to them amounting to $3.3 billion
The reserves had dropped by $1.434 billion to $348.934 billion.
The International Monetary Fund is going through interesting times. It is in the process of reforming a number of funds, core functions and aligning itself to the current economic realities.
The belief that the Fed knows something that lesser mortals don't is common.
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