News for 'international-monetary-fund'

Lanka 'processing' China's request to allow docking of research ship

Lanka 'processing' China's request to allow docking of research ship

Rediff.com23 Aug 2023

Sri Lanka is currently processing a request by China to allow a research ship to dock in the country, a foreign ministry spokesperson said on Wednesday, a year after a visit by a Chinese spy vessel to the Island nation raised security concerns in India.

Is It Time To Smile, Nirmalaji?

Is It Time To Smile, Nirmalaji?

Rediff.com1 Feb 2024

Now that the economy is growing at a higher-than-expected rate, it is time to accelerate the pace of fiscal consolidation, and the Budget could be a good starting point, argues Rajesh Kumar.

Forex reserves down $691 mn to $562.81 bn

Forex reserves down $691 mn to $562.81 bn

Rediff.com30 Dec 2022

India's forex reserves dropped by $691 million to $562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data. The overall reserves had dropped by $571 million to $563.50 billion in the previous reporting week, snapping a five-week trend of an increase in the kitty. In October 2021, the country's foreign exchange reserves reached an all-time high of $645 billion.

Forex reserves decline by $571 mn to $563.5 bn

Forex reserves decline by $571 mn to $563.5 bn

Rediff.com23 Dec 2022

After rising for five consecutive weeks, India's forex kitty dropped $571 million to $563.5 billion for the week ended December 16, according to RBI data released on Friday. In the previous reporting week, the overall reserves had swelled $2.91 billion to $564.06 billion, making it the fifth straight week of an increase in the kitty after a protracted decline. In October 2021, the country's foreign exchange kitty had reached an all-time high of $645 billion.

Forex reserves swell by $2.91 bn to $564.06 bn

Forex reserves swell by $2.91 bn to $564.06 bn

Rediff.com16 Dec 2022

India's forex reserves rose by $2.908 billion to $564.06 billion for the week ended on December 9, according to the Reserve Bank data released on Friday. In the previous reporting week, the overall reserves had soared by $11 billion to $561.16 billion. This is the fifth consecutive week of an increase in the reserves.

Employment in India registered V-shaped recovery post-pandemic: Former CEA

Employment in India registered V-shaped recovery post-pandemic: Former CEA

Rediff.com21 Aug 2023

Employment in India saw a V-shaped recovery after being adversely impacted between April and June 2020 during the Covid lockdown and during April-June 2021, when the second wave struck, said Krishnamurthy V Subramanian, former chief economic advisor, in a paper released on Friday. Subramanian is now serving as executive director of the International Monetary Fund (IMF). From the official survey data of the National Sample Survey Organisation (NSSO), the paper titled 'Employment in India: Data Sources, Facts, and Trends' showed that both worker-population ratio (WPR) and labour force participation rate (LFPR) were higher, while the unemployment rate was lower during October-December 2022 when compared to the corresponding quarter in 2019.

Biden nominates ex-Mastercard CEO Ajay Banga to head World Bank

Biden nominates ex-Mastercard CEO Ajay Banga to head World Bank

Rediff.com23 Feb 2023

At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.

IMF revises India's FY24 forecast to 6.1%

IMF revises India's FY24 forecast to 6.1%

Rediff.com25 Jul 2023

The IMF on Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection. This is reflective of the "momentum" from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said. "Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection," it said in its latest update of the World Economic Outlook.

Forex kitty drops by $1.09 bn to $529.99 bn

Forex kitty drops by $1.09 bn to $529.99 bn

Rediff.com11 Nov 2022

India's foreign exchange reserves dropped by $1.087 billion to stand at $529.99 billion for the week ended November 4 on a sharp decline in gold reserves, the Reserve Bank said on Friday. In the previous reporting week, the reserves had swelled by $6.561 billion to reach $531.08 billion, making it the biggest weekly jump in a year. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.

India to remain fastest-growing major economy in 2024

India to remain fastest-growing major economy in 2024

Rediff.com31 Dec 2023

India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.

IMF cautions India on govt debt vulnerabilities, Centre disagrees

IMF cautions India on govt debt vulnerabilities, Centre disagrees

Rediff.com27 Dec 2023

The International Monetary Fund (IMF) warned on Tuesday that India's general government debt (comprising both central and state government debt) could exceed 100 per cent of gross domestic product (GDP) in the medium term. It also cautioned that long-term debt sustainability risks are high due to the significant investment required to meet India's climate change mitigation targets. The Indian government, however, disagreed, arguing that risks from sovereign debt are extremely limited as it is predominantly denominated in domestic currency.

B'desh votes on Sunday; PM Hasina poised to win another term

B'desh votes on Sunday; PM Hasina poised to win another term

Rediff.com6 Jan 2024

The main Opposition BNP of former premier Khaleda Zia, 78, who is under house arrest, is boycotting the elections amidst violence.

Crypto can't be legal tender; blanket ban not easy: IMF-FSB paper

Crypto can't be legal tender; blanket ban not easy: IMF-FSB paper

Rediff.com8 Sep 2023

Crypto assets should not be granted official currency or legal tender status, the much-awaited synthesis paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB) has said ahead of the G20 leadership summit under India's presidency. However, the report has argued against a blanket ban on activities linked to crypto assets, explaining that such a move can be costly as well as technically demanding to enforce. Central banks should avoid holding crypto assets in their official reserve as they pose a risk to monetary and global financial stability, according to the synthesis paper.

Forex kitty soars $11 bn to $561.16 billion

Forex kitty soars $11 bn to $561.16 billion

Rediff.com9 Dec 2022

India's foreign exchange reserves soared by $11.02 billion to reach $561.162 billion for the week ended December 2, Reserve Bank data showed on Friday. This is the fourth consecutive week of rise in the reserves. In the previous reporting week, the overall reserves had grown by $2.9 billion to $550.14 billion. For the week ended November 11, the forex kitty had jumped by $14.72 billion in its second fastest weekly acceleration ever.

IMF says India is likely to contribute more than 16% of global growth

IMF says India is likely to contribute more than 16% of global growth

Rediff.com19 Dec 2023

Growing at a robust rate due to economic reforms in key sectors like digitisation and infrastructure, India has emerged as a star performer and is projected to contribute more than 16 per cent of the global growth, the International Monetary Fund said on Monday. "What we have been observing for quite some time now is that India has been growing at a very robust rate. "It's one of the star performers when it comes to real growth when you look at peer countries.

Forex reserves fall $897 mn to $572.978 bn

Forex reserves fall $897 mn to $572.978 bn

Rediff.com12 Aug 2022

The country's foreign exchange reserves declined $897 million to $572.98 billion in the week ended August 5, according to the Reserve Bank of India (RBI). In the previous week ended July 29, the reserves had risen $2.31 billion to $573.87 billion. In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday.

China to build 1200 MW nuclear plant in Pakistan's Punjab

China to build 1200 MW nuclear plant in Pakistan's Punjab

Rediff.com20 Jun 2023

China on Tuesday inked an agreement worth a whopping USD 4.8 billion with cash-strapped Pakistan to set up a 1,200-megawatt nuclear power plant as a sign of increasing strategic cooperation between the two all-weather allies.

Recession will hit a third of the world this year, warns IMF chief

Recession will hit a third of the world this year, warns IMF chief

Rediff.com2 Jan 2023

A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU and China will see their economies slow down. Kristalina Georgieva, the chief of the International Monetary Fund (IMF) made these grim assertions on Sunday during a CBS news programme "Face the Nation." It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant.

Jolly Joe At ASEAN Summit

Jolly Joe At ASEAN Summit

Rediff.com14 Nov 2022

US President Joe Biden attended the Association of Southeast Asian Nations gala dinner in Phnom Penh, Cambodia.

High on G20 bonhomie, India readies 4th summit with African Union

High on G20 bonhomie, India readies 4th summit with African Union

Rediff.com3 Oct 2023

Keen to capitalise on the growing geopolitical support from African nations after the recently concluded G20 Summit, India is working with the African Union to hold the fourth India-Africa Forum Summit later this year in Kenya's Nairobi, sources said. Prime Minister Narendra Modi is expected to attend the mega meet along with as many as 50 African leaders, they added. First held in New Delhi in 2008, the India-Africa Forum Summit marked India's initial diplomatic efforts to seek a comprehensive partnership with the African bloc of nations as a whole, at a time when China had begun its own outreach.

G20: World leaders hail Modi's 'decisive leadership'

G20: World leaders hail Modi's 'decisive leadership'

Rediff.com10 Sep 2023

With India's G20 presidency ensuring several tangible outcomes, world leaders at the two-day summit in New Delhi hailed Prime Minister Narendra Modi for his 'decisive leadership' and for championing the voice of the Global South, sources said on Sunday.

Forex reserves up by $3.85 bn to $601.36 bn

Forex reserves up by $3.85 bn to $601.36 bn

Rediff.com3 Jun 2022

The country's foreign exchange reserves increased by $3.85 billion to $601.36 billion in the week ended May 27, according to RBI data. In the previous week, the reserves rose by $4.23 billion to $597.51 billion. During the reporting week, the rise in forex reserves was due to an increase in the Foreign Currency Assets (FCA) and the gold reserves, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.

Will Nawaz Sharif's return as PM normalise India-Pak ties?

Will Nawaz Sharif's return as PM normalise India-Pak ties?

Rediff.com27 Dec 2023

Pakistan-India bilateral relations remained frozen for the fourth year over the vexed Kashmir issue but analysts hope the strained ties could be repaired if Nawaz Sharif becomes the prime minister for a record fourth time in the general elections in February in the absence of his main challenger Imran Khan who is in jail in multiple cases.

Narayana Murthy Is Absolutely Right!

Narayana Murthy Is Absolutely Right!

Rediff.com4 Dec 2023

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.

Forex reserves dip by $5.87 bn to $590.59 bn

Forex reserves dip by $5.87 bn to $590.59 bn

Rediff.com24 Jun 2022

The country's foreign exchange reserves declined by $5.87 billion to $590.59 billion in the week ended on June 17, the RBI data showed. In the previous week ended on June 10, the reserves had dropped by $4.6 billion to $596.46 billion. In the reporting week, the forex reserves fell due to a dip in foreign current assets (FCAs), a major component of the overall reserves, and also in gold reserves, the data showed.

Saluting P V Narasimha Rao For 1991!

Saluting P V Narasimha Rao For 1991!

Rediff.com19 Feb 2024

It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.

Forex reserves rise $204 mn to $532.87 bn

Forex reserves rise $204 mn to $532.87 bn

Rediff.com14 Oct 2022

India's forex reserves rose by $204 million to $532.87 billion for the week ended October 7 on an increase in the value of gold holdings, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $4.85 billion to $532.66 billion. The reserves had been falling for many weeks now as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Forex reserves fall $8.06 bn to $580.25 bn

Forex reserves fall $8.06 bn to $580.25 bn

Rediff.com15 Jul 2022

The country's foreign exchange reserves declined by a massive $8.062 billion to $580.252 billion in the week ended July 8, according to RBI data. In the previous week ended July 1, the reserves had dropped by $5.01 billion to $588.31 billion. During the reporting week ended July 8, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.

Anwaar-ul-Haq Kakar to be Pakistan's caretaker PM

Anwaar-ul-Haq Kakar to be Pakistan's caretaker PM

Rediff.com12 Aug 2023

Kakar, a lawmaker belonging to Balochistan Awami Party (BAP), will lead a caretaker government until a new election later this year.

Forex reserves rise by $2.73 bn to $593.32 bn

Forex reserves rise by $2.73 bn to $593.32 bn

Rediff.com1 Jul 2022

The country's foreign exchange reserves increased by $2.73 billion to $593.32 billion for the week ended June 24 on the back of a surge in the core currency assets, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined by $5.87 billion to $590.59 billion. In the week ended June 24, the forex reserves swelled due to an increase in Foreign Currency Assets (FCAs), a major component of the overall reserves, and also in gold reserves, RBI said.

Forex reserves rise $4.23 bn to $597.51 bn

Forex reserves rise $4.23 bn to $597.51 bn

Rediff.com27 May 2022

India's forex reserves increased by $4.23 billion to $597.51 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data. The country's foreign exchange reserves had declined by $2.68 billion to $593.28 billion in the previous reporting week ended May 13. During the reporting week, the rise in the reserves was mainly on account of an increase in Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per weekly data released by Reserve Bank of India (RBI) on Friday.

India likely to contribute 15% to global growth in 2023: top IMF exec

India likely to contribute 15% to global growth in 2023: top IMF exec

Rediff.com22 Feb 2023

India is expected to contribute 15 per cent to the global growth in 2023, an International Monetary Fund (IMF) official said on Tuesday. "Both India and China are expected to contribute 50 per cent of the global growth in the upcoming year (2023). "However, the share of India's contribution to global growth is expected to be around 15 per cent," Krishna Srinivasan, director, Asia and Pacific Department (APD) at IMF said at a roundtable with reporters from south Asian countries.

Unruffled By Pitch, RBI Governor Bats Like Dravid

Unruffled By Pitch, RBI Governor Bats Like Dravid

Rediff.com19 Dec 2023

While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.

Global rice markets in turmoil as India bans export of non-basmati

Global rice markets in turmoil as India bans export of non-basmati

Rediff.com3 Aug 2023

India's decision to ban the export of non-basmati white rice has pushed up global prices, prompting multilateral lending agencies, such as the International Monetary Fund (IMF), to call for a reconsideration of the move. Though nothing has been spelled out yet officially, sources said, the government might consider requests for government-to-government sale of non-basmati white rice, especially to West African nations where India is a major supplier. Also, traders and exporters of specialty regional rice varieties like sona masuri or gobindo bhog feel that they have been short-changed.

Forex reserves down by $306 mn at $601.06 bn

Forex reserves down by $306 mn at $601.06 bn

Rediff.com10 Jun 2022

After rising for two consecutive weeks, the country's foreign exchange reserves declined by $306 million to $601.06 billion in the week ended June 3, according to RBI data. In the previous week, the reserves had increased by $3.85 billion to $601.36 billion. It had risen by $4.23 billion to $597.51 billion in the week ended May 20.

BRICS pitches for using local currencies in international trade

BRICS pitches for using local currencies in international trade

Rediff.com2 Jun 2023

The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.

African Union becomes permanent member of G20

African Union becomes permanent member of G20

Rediff.com9 Sep 2023

The African Union on Saturday joined the G20 after all member countries accepted Prime Minister Narendra Modi's proposal to bring the key bloc of the Global South to the high table of the world's top economies, a major diplomatic achievement of India's presidency.

India hosts grand G20 Summit: What's on agenda

India hosts grand G20 Summit: What's on agenda

Rediff.com9 Sep 2023

The summit is being attended by more than 30 heads of state and top officials from the European Union and invited guest countries and 14 heads of international organisations.

Forex reserves down $3.27 bn to $600.42 bn

Forex reserves down $3.27 bn to $600.42 bn

Rediff.com29 Apr 2022

The country's foreign exchange reserves decreased by $3.27 billion to $600.42 billion in the week ended April 22, RBI data showed. In the previous week, the reserves had declined by $311 million to $603.69 billion. During the reporting week, the fall in the reserves was on the account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.

'Crypto is serious threat to financial stability'

'Crypto is serious threat to financial stability'

Rediff.com11 Mar 2024

'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'