The net worth of India's billionaire community has soared 12-fold in 15 years - enough to eliminate absolute poverty twice over in the country, where income inequality is also on the rise, according to the IMF.
India's economy grew at 7.6 per cent in 2015-16.
Amid growing pressure of emerging economies to have their representative as IMF chief, Germany on Friday said that at the current juncture it would be more appropriate to have an European as head of the multilateral agency as the continent was going through a debt problem.
The IMF has encouraged both the UK and the EU to work collaboratively towards a smooth transition.
India's forex reserves decreased $2.282 billion to $640.33 billion for the seven days ended April 19 in the second consecutive week of drop in the kitty, the Reserve Bank of India (RBI) said on Friday. The reserves had dropped $5.40 billion to $643.16 billion in the previous reporting week, ending a multi-week trend of an increase, which also saw the overall reserves touching a new all-time high of $$648.56 billion for the week ended April 5.
British Prime Minister David Cameron on Tuesday said an Indian or Chinese could be the next chief of the International Monetary Fund, and played down the chances of his predecessor Gordon Brown taking over the key position.
Top 10 debtor countries owe 86% of total IMF loans
India's forex kitty jumped by $10.47 billion to $636.09 billion for the week ended March 8, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $6.55 billion to $625.63 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
In a brief hearing at the State Supreme Court in Manhattan, prosecutors did not oppose the release of 62-year-old Strauss-Kahn.
Experiences of the past decade now tell us that this unaccountable and unsure system is untrustworthy, unworkable and hence unacceptable
According to the IMF sources, the 27-member European Union bloc had asked the Chinese for support for Lagarde.
Simultaneously, the White House said it has full faith in the capabilities of IMF to continue with the important role it is playing, despite the setback of its head being behind bars in a New York prison.
IMF chief Christine Lagarde has been put under formal investigation by French magistrates for alleged negligence in a political fraud affair dating from 2008 when she was finance minister.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
IMF says, India will grow significantly in near-term.
'Will Imran compromise with the army? We are all human beings. We all compromise.'
The temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease, the International Monetary Fund said in its regional economic outlook.
India too will advocate the IMF quote reforms at the two-day meeting of G20 Finance Ministers and Central Bank Governors beginning Saturday.
The International Monetary Fund has lowered India's economic growth forecast by 1 per cent to 5-6 per cent for 2012-13.
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.
Part of periodic Article IV consultations on state of the economy; team to have discussions with government as well as banks, private investors and civil society
India is not particularly enamoured by the AMF idea and would much rather see the Fund revitalised and reinvented as a multilateral institution. Indeed, there could be a meeting of minds between India and the US on the IMF's future.
The Reserve Bank has entered into an agreement buy up to $10 billion (over Rs 45,000 crore) worth notes from the IMF to help the multilateral agency shore up its resources for assisting countries hit by the global financial meltdown.
Terming the Indian growth pattern as impressive, the International Monetary Fund has said that it does not foresee the economy overheating as long as the current monetary policy is in place. "(India's) growth has been impressive--9.7 per cent in 2006, 8.9 per cent in 2007 and we are viewing at 8.4 per cent in 2008. That is really an impressive growth pattern," IMF Managing Director Rodrigo de Rato said.
China's banks and financial sector are healthy, but there are vulnerabilities that should be addressed by the authorities.
India's forex reserves jumped by $5.74 billion to $622.47 billion for the week ended February 2, the Reserve Bank said on Friday. In the previous week, the overall reserves had increased by $591 million to $616.73 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The IMF has warned that an imminent debt default by the US due to the government shutdown would result in disruptions in financial markets and could possibly trigger global economic turmoil.
Asian economies have been very strong in their stimulus from both monetary and fiscal sources.
The International Monetary Fund (IMF) and the World Bank (WB) has said the current global economic crisis is turning into a human calamity as it has hit millions of poor people across the world.
India's forex reserves increased $591 million to $616.733 billion for the week ended January 26, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had dropped $2.79 billion to $616.14 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
India's forex reserves declined $5.24 billion to $617.23 billion for the week ending February 9, according to weekly data released by the Reserve Bank of India (RBI) on Friday. The forex kitty stood at $622.5 billion for the week ended February 2. However, in the current fiscal, the forex reserves have increased $50.28 billion, the RBI data showed.
'Nations like India with high inflation and public debt should be cautious'
The IMF's Financial System Stability Assessment Update said India had improved its supervision and regulations in the 20 years since it started liberalising its economy and that its financial system fared well in the global financial crisis.
With inflation softening to a six-year low of 2.43 per cent, there is scope for further easing of monetary policy, the IMF said in its review of the economy following Article IV consultations with the Indian authorities. The IMF expects average inflation to moderate to 2 per cent in 2009-10 from about 8.8 per cent in the current fiscal. Inflation has been coming down consistently after touching a peak of 12.91 per cent in August last year.
The US' influence on a European CEO-headed multilateral institution is out of sync.
A rapidly deteriorating balance of payments may warrant that but the political climate is too risky
The highest decision making body of the IMF met at its headquarters in Washington on Saturday in the wake of the corruption charges that have surfaced against its chief.
Besides French Finance Minister Lagarde, seen as a strong candidate, there are four to five other aspirants in the race for the post vacated by Dominique Strauss-Kahn.
Suggesting steps to boost the Indian economy, the IMF chief further said the government should focus on fiscal consolidation.
