Subramanian recommended five ways of financing additional expenditure over a period of one year, including cutting expenditure and borrowing directly from the RBI or monetising debt.
IMF attributes the slower growth rate to supply-side bottlenecks.
India's forex reserves dropped $2.412 billion to $637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined $2.28 billion to $640.33 billion. For the week ended April 5, the reserves had hit an all-time high of $648.562 billion following multiple weeks of increases.
Cash-strapped Pakistan on Tuesday moved closer to securing a massive $11 billion economic bailout package from international donor agencies including the IMF, to revive the ailing national economy.
Their research paper on aid by rich nations got leaked
RBI governor is seen succeeding International Monetary Fund (IMF) chief executive officer, Christine Lagarde, next year.
IMF projected India's economic growth at 4.25% in 2013-14.
Meanwhile, the US refrained from making any comment on the move to set up the development bank aimed at reshaping the international financial system dominated by the West, saying that the details are yet to emerge.
"The challenge for many emerging and some developing economies (is) to ensure that present boom-like conditions do not develop into overheating over the coming year," the IMF said in its World economic Outlook report.
As the International Monetary Fund prepares to replace its disgraced former chief, Dominique Strauss-Kahn, women employees have called for a female boss at the helm of the financial institution, a media report said.
Piroska M Nagy, an economist who reportedly had an affair with IMF chief Dominique Strauss-Kahn in 2008, said that while their liaison was consensual, she felt coerced.
Finance Minister Pranab Mukherjee on Wednesday called for flexibility in the framework that the International Monetary Fund (IMF) is in the process of creating, to help countries manage large capital flows that could put economies at risk as they come out of the global financial crisis.
India no longer needs big ticket reforms but small and basic ones to drive the growth forward, Chief Economic Advisor V Anantha Nageswaran said on Monday. Addressing the media after the Economic Survey 2023-24 presented in Parliament, Nageswaran said there is a need to pursue all possible approaches without any ideological orientation. "In terms of the kind of reforms that we need to do, it is no longer big-ticket reforms that dominate your front pages but more about grunt works.
Take the rediff business quiz and see how much you know about India and its association with the International Monetary Fund.
The International Monetary Fund has added island nation Tuvalu located in the Pacific Ocean between Hawaii and Australia as its 187th member.
The World Bank on Tuesday raised the growth forecast for the Indian economy to 7 per cent for the current fiscal year on the back of recovery in agri sector and rural demand. World Bank had in June projected India to grow at 6.6 per cent for FY24. According to the World Bank Report released on Tuesday, India's growth continues to be strong despite a challenging global environment.
The International Monetary Fund head Dominique Strauss-Kahn has said that the global economic recovery is fragile and remains uncertain as not enough jobs are being created.
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.
"We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline," Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
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.
With economic growth slowing to a six-year low, IMF Chief Economist Gita Gopinath says the government should undertake structural reforms such as bank clean-up and labour reforms to address the slowdown in domestic demand. She rooted for government policies focusing on managing a slowdown in domestic demand, and on boosting productivity growth and supporting employment creation in the medium term.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
IMF cut its 2016 global growth forecast for the fourth time in the past year to 3.2 per cent, citing China's slowdown.
Rajan also said it's a problem of collective action and not a problem of industrial nations or emerging markets
Reserve Bank Governor Raghuram Rajan on Monday slammed International Monetary Fund for staying on the sidelines and applauding accommodative policies of developed nations.
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.
Brazil, Russia, India & China (known collectively as BRIC) on Sunday sought a re-balancing of representation on the executive board and the International Monetary and Financial Committee of the International Monetary Fund (IMF). The committee is the policy-making arm of the IMF.
India-bashing on outsourcing of jobs from America is totally unjustified, in fact the US and Britain have the largest net surpluses in business services and hence would suffer the most in terms of the foregone dollar value
"The Executive Board will meet with the candidates in Washington and, thereafter, meet to discuss the strengths of the candidates and make a selection," the official IMF statement said.
India's management of foreign exchange reserves has generally been in accordance with International Monetary Fund guidelines and comparable to global best practices.
Prime Minister Manmohan Singh on Tuesday said India supports the "best" available candidate, regardless of nationality, as the next International Monetary Fund (IMF) chief.
India's foreign exchange reserves increased $2.95 billion to $645.58 billion for the week ended March 29, the Reserve Bank of India (RBI) said on Friday. This is the sixth consecutive week of a jump in overall reserves. The kitty had increased $140 million to $642.63 billion in the previous reporting week.
The Finance Ministry expects GDP growth to be 8-8.5 per cent in 2015-16.
India is projected to grow at 6.3 per cent in 2015 and 6.5 per cent in 2016, when it is likely to cross China's projected growth rate of 6.3 per cent, the IMF said.
India's forex reserves jumped by $2.97 billion to $619.07 billion for the week ended February 23, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $1.13 billion to $616.10 billion. For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by $2.40 billion to $548.19 billion.
India's forex reserves jumped by $2.98 billion to a fresh peak of $648.56 billion for the week ended April 5, the RBI said on Friday. In the previous reporting week, the forex kitty had increased by $2.951 billion to $645.583 billion, which was an all-time high. In September 2021, the country's forex kitty reached an all-time high of $642.453 billion, a level that was breached in March this year.
India's forex reserves increased by $6.4 billion to $642.49 billion for the week ended March 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $10.47 billion to $636.09 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
