India's forex reserves jumped by $2.84 billion to a new all-time high of $692.3 billion for the week ended September 20, the RBI said on Friday. The overall kitty had increased by $223 million to a new high of $689.46 billion for the previous reporting week.
Gold buying by central banks surged to 60 tonnes in October, mainly led by the Reserve Bank of India (RBI) which added 27 tonnes of the precious metal to its reserves, the World Gold Council (WGC) said on Thursday. India added 27 tonnes of gold in October, bringing its total gold purchases to 77 tonnes from January to October, according WGC data based on reported monthly data from the International Monetary Fund (IMF).
Gearing up for Trump 2.0 era, Chinese President Xi Jinping on Tuesday cautioned there will be no winner in a tariff or tech wars between China and the United States and vowed that Beijing would firmly safeguard its interests.
IMF's Chief Economist Gita Gopinath will leave her job in January next year and return to the prestigious Harvard University, according to the global financial institution.
India's forex reserves rose by $223 million to a new all-time high of $689.46 billion for the week ended on September 13, according to the Reserve Bank data released on Friday. The overall forex kitty had jumped by $5.25 billion to a high of $689.24 billion for the previous reporting week ended on September 6.
'It took us 75 years to reach a per capita income of $2,730.' 'According to IMF projections, it will take only five years to add another $2,000.'
The global recovery is expected to be asynchronous and divergent between advanced and emerging market economies, the IMF said on Tuesday, noting that policymakers should take early action and tighten selected macroprudential policy tools while avoiding a broad tightening of financial conditions. "Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks," the International Monetary Fund (IMF) said in its Global Financial Stability report released ahead of the Spring meeting of the global lender and the World Bank. However, actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities, it said.
India's forex reserves jumped by $2.3 billion to a new high of $683.99 billion for the week ended on August 30, according to the RBI data release on Friday. In the previous reporting week, the forex reserves had jumped by $7.02 billion to a high of $681.69 billion.
India's forex reserves jumped $5.25 billion to a new all-time high of $689.24 billion for the week ended September 6, the Reserve Bank of India said on Friday. The overall kitty had jumped by $2.3 billion to a record $683.99 billion for the previous reporting week.
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.
The Budget should undertake further reductions in import tariffs and seriously consider an announcement of India's intention to join one or both of the two Asian mega-regional free trade agreements, suggests Shankar Acharya, former chief economic adviser to the Government of India.
Indian economist Kalpana Kochhar, who heads the Human Resources Department of the International Monetary Fund, is leaving the organisation to join the Bill and Melinda Gates Foundation, the IMF announced on Wednesday. Kochhar, who served in various senior positions during her three decades at the IMF, will retire on July 30, it said.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
India's forex reserves jumped by $4.55 billion to $674.66 billion during the week ended August 16, the RBI said on Friday. In the previous week, the forex kitty had dropped by $4.8 billion to $670.12 billion.
Gita Gopinath, the IMF's Indian-American chief economist has been promoted as its First Deputy Managing Director recognising her exceptional intellectual leadership in helping the global economy and the Fund to navigate the "twists and turns" of the "worst economic crisis of our lives". Gopinath would replace Geoffrey Okamoto who plans to leave the International Monetary Fund early next year, Kristalina Georgieva, IMF's managing director announced on Thursday. Gopinath, who was scheduled to return to her academic position at Harvard University in January 2022, has decided to stay, she said. Gopinath, 49, has served as the first female chief economist of the Washington-based global lender for three years.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
India's forex reserves jumped by $7.02 billion to touch a new high of $681.69 billion in the week ended August 23, the RBI said on Friday. The overall reserves had jumped by $4.55 billion to $674.66 billion in the previous reporting week. The previous all-time high for the overall reserves was recorded at $674.92 billion as on August 2.
The IMF on Tuesday cut India's economic growth forecast by 0.5 percentage points to 9 per cent for the current fiscal year, with its chief economist Gita Gopinath saying that the slight downgrade is mainly due to the impact of the spread of the Omicron variant. "If you look at the 2021-22 fiscal year, we have a slight downgrade of -0.5 percentage points and for the next fiscal year 2022-23 we have a slight upgrade of 0.5 percentage points. So, growth for the previous fiscal year is now nine per cent and for this year now is at nine per cent. We moved it up slightly," Gopinath told reporters during a news conference in Washington. In its latest update of World Economic Outlook on Tuesday, the International Monetary Fund has cut India's economic growth forecast to 9 per cent for the current fiscal year ending March 31, joining a host of agencies which have downgraded their projections on concerns over the impact of the spread of Omicron on business activity and mobility.
User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive. Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
India's forex reserves dropped by $4.8 billion to $670.12 billion for the week ended August 9, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty jumped by $7.53 billion to an all-time high of $674.92 billion.
The Reserve Bank of India (RBI) added another 102 metric tonnes to the domestically held gold in the April-September period, as per a disclosure made on Tuesday. The overall quantity of the precious metal stored in local safes stood at 510.46 metric tonnes as of September 30, which was up from over 408 metric tonnes as on March 31, 2024. The central bank said it added another 32 metric tonnes of gold reserves in the six-month period to take the overall tonnage to 854.73 metric tonnes, as per the half yearly report on management of foreign exchange reserves.
India's forex reserves dropped by $3.47 billion to $667.39 billion for the week ended July 26, according to the RBI data released on Friday. In the previous reporting week, the kitty had jumped by $4 billion to an all-time high of $670.86 billion.
India's forex reserves jumped by $7.53 billion to a new record high of $674.92 billion for the week ended August 2, the Reserve Bank said on Friday. The overall kitty had dropped by $3.471 billion to $667.386 billion in the previous reporting week ended July 26.
The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for India to 9.5 per cent for the fiscal year to March 31, 2022 as the onset of a severe second COVID-19 wave cut into recovery momentum. This forecast for 2021-22 is lower than the 12.5 per cent growth in GDP that IMF had projected in April before the second wave took a grip. For 2022-23, IMF expects economic growth of 8.5 per cent, larger than the 6.9 per cent it had projected in April.
The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.
Surpassing the all-time high level achieved the previous week, India's forex reserves jumped by another $4 billion to $670.86 billion for the seven days ended July 19, the Reserve Bank said on Friday. The overall reserves had jumped by $9.7 billion to an all-time high of $666.85 billion in the week ended July 12.
The Financial Intelligence Unit-India (FIU-India), the national agency responsible for analysing suspicious financial transactions, has received requests from four more offshore crypto exchanges to operate in India again, said a senior government official familiar with the matter. In the beginning of 2024, India had banned nine crypto exchanges - Binance, Kucoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfenix - for non-compliance with anti-laundering law in the country.
Many were hoping that with Vajpayee's NDA gone, there would be a return to the Congress normal. Nobody was prepared for the opposite. Sonia Gandhi was sceptical. This became the only issue over which Manmohan Singh took on his party bosses and risked his government. Politically, it was riskier than the 1991 reform, recalls Shekhar Gupta.
India's forex reserves jumped by $9.7 billion to an all-time high of $666.85 billion for the week ended July 12, the RBI said on Friday. In the previous reporting week, the kitty had increased by $5.16 billion to $657.16 billion, surpassing the previous high of $655.82 billion for the week ended June 7.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
'Will President Dissanayake calibrate his foreign policy taking into account India's immediate security concerns? We need to watch.'
India's forex reserves dropped $1.71 billion to $651.99 billion for the week ended June 28, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall kitty had dropped $2.92 billion to $652.89 billion. The reserves had touched an all-time high of $655.82 billion as on June 7 this year.
India's forex reserves jumped $5.16 billion to $657.16 billion during the week ended July 5, the Reserve Bank of India (RBI) said on Friday. The forex kitty had declined for the previous two consecutive weeks, dropping $1.71 billion to $652 billion for the week ended June 28. The reserves had touched an all-time high of $655.82 billion as on June 7 this year.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
India's forex reserves jumped by $816 million to $653.71 billion for the week ended June 21, the RBI said on Friday. In the previous reporting week, the overall reserves had dropped by $2.92 billion to $652.89 billion.
The world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession, the International Monetary Fund said on Friday, but projected a recovery next year. "We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva told reporters at a news conference.
India's forex reserves dropped by $2.922 billion to $652.9 billion for the week ended June 14, the Reserve Bank said on Friday. In the previous reporting week, the kitty had jumped by $4.307 billion to $655.817 billion, a new all-time high after consecutive weeks of increase in the reserves.
Rajan, 57, who was RBI governor for three years until September 2016, is currently working as a professor at the prestigious University of Chicago.
However, the World Bank has projected India's GDP growth rate at 7.5 per cent for the next three financial years, including the current one.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
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