Head of the United Nations International Labour Organisation has told the International Monetary Fund and the World Bank to join hands to combat global economic crisis. He said a multilateral consensus, on a wide range of issues ranging from widening income gaps to climate change bringing together rich and poor countries, employers and employees, is needed. IMF forecasts have projected that global growth could drop below the point that is equivalent to a global recession.
Most south Asian nations will fall short on the Millennium Development Goals, a set of eight globally agreed development goals due to be achieved by 2015, a study by the World Bank and International Monetary Fund said.The report has warned that developing countries stand to suffer the most from climate change and the degradation of natural resources.
Observing that the world is at a crossroads now as it faces the greatest economic crisis in 60 years, the IMF managing director Dominique Strauss-Kahn said at a news conference that the G-20 leaders have the opportunity to spur a recovery next year if they take the right action.
Congress is indulging in a populist frenzy; and the US administration is hoping for the best.
International Monetary Fund Managing Director Rodrigo de Rato will quit the Fund in October without completing his five-year term which ends in May 2009.
Gold reserves declined by $346.2 million.
Foreign currency assets increase by $3.902 billion
The World Bank on Tuesday projected India's economy to grow at 8.3 per cent in 2021 and 7.5 per cent in 2022, even as its recovery is being hampered by an unprecedented second wave of the COVID-19, the largest outbreak in the world since the beginning of the deadly pandemic. The Washington-based global lender, in its latest issue of Global Economic Prospects released here, noted that in India, an enormous second COVID-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of Fiscal Year 2020/21, especially in services.
As the states showed progress in fighting the deadly contagion, governors Andrew Cuomo and Philip Murphy have begun to offer details on reopening in the months ahead.
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
Foreign exchange reserves have hit a fresh high.
Raju need not fear ostracism once he's out - society will embrace him. Size is a national obsession. Indians have stashed away more than anyone else -- a noble $1,456 billion -- in Swiss banks. We thrive on superlatives. Even Jawaharlal Nehru rejoiced in the Suratgarh farm being "the biggest farm in Asia".
India's economy is unlikely to see double-digit growth and may grow between 8 per cent and 9 per cent this fiscal year (2021-22, or FY22), against the estimated 11.5 per cent, according to leading economists and rating agencies. The downward revision of growth projections to as low as 10 per cent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave, and expect the first quarter to see positive growth.
After a secret voting by the 24 members of IMFC last Friday, India, Italy and Canada were the only countries that remained in contention for the position, which was traditionally headed by Europe.
The position has been vacant since July after the previous incumbent British Finance Minister Gordon Brown vacated the post after becoming the Prime Minister. Brown chaired IMFC for a decade.
Larsen & Toubro (L&T), India's largest construction and engineering player, has lost as many as 14 large orders in the country because companies that don't possess adequate technical expertise and experience, of late, have won the projects by bidding lower, claimed A M Naik, non-executive chairman of L&T. But the company has made up for the losses by winning projects overseas, where it has acquired a sizeable market share amid tough competition from large global players, he said.
Even though inflation in India may not seem too high now, it is imperative that New Delhi deals with it immediately before it spills over into other areas, says a senior International Monetary Fund official.
The International Monetary Fund has reduced India's contribution to world gross domestic product in purchasing power parity terms to 4.6 per cent in 2007 from the earlier estimate of 6.4 per cent.
The anti-terror watchdog has decided to give respite of four months to Pakistan to help her implement remaining recommendations of the task force.
India's economic growth is likely to shrink by 1.25 per cent to 7.9 per cent this fiscal, mainly on account of tight monetary conditions and continued pressure on inflation, the International Monetary Fund said on Friday. The IMF report also warned that investment would be more affected than consumption on account of the tight monetary conditions and fall in global economy following US sub-prime crisis. Compared to China, India has little fiscal space to keep up the growth.
Rise in reserves was predominantly on account of increase in FCAs
With the Cabinet clearing the proposed amendment in IMF's Articles of Agreement, India's quota is slated to go up from 1.91 per cent to 2.44 per cent in the world body. As such, India's voting rights are also scheduled to increase from 1.88 per cent to 2.34 per cent, enabling it to have a greater say in the functioning of the Fund.
With the Central Statistical Organisation estimates putting India's economic growth rate at 8.7 per cent for the current financial year, spotlight has turned on GDP forecasts by various other agencies.
India has opposed a proposal on ad-hoc increase of quota of some countries in IMF, saying the redistribution of quota based on flawed formula cannot provide a durable solution to reform IMF.
The International Monetary Fund has said India should make its financial system more efficient and hasten structural reforms to sustain high economic growth, which averaged about eight per cent in the last three years. \n
He called on developed countries to play their part in restoring international monetary cooperation.
'To simply let the rupee depreciate to any level according to market forces will not be in the country's interests.'
India on Monday said that it will follow up its suggestion on having a price band for crude oil once the producing nations reflect on the idea, even as it asked them to step up oil output.
Foreign exchange reserves increased $294 million to $143.353 billion for the week ended October 7, 2005, according to the weekly supplement released by the Reserve Bank of India on Saturday.
The IMF, in its semi-annual global economic forecast, released in Washington on Wednesday, says that China is expected to grow by more than 11 per cent in 2007, while India is expected to expand by nine per cent. It, however, says growth may moderate somewhat across emerging Asia in 2008, reflecting slower trade growth as well as some policy tightening in countries facing overheating pressures.
Weaker demand for Indian exports and higher financing costs will lead to a deceleration in India's gross domestic product (GDP) growth rate to 7.9 per cent in 2008, the International Monetary Fund has said.The IMF's growth projections for India are in line with other estimates, including that of the Asian Development Bank, which pegged the 2008-09 growth at 8 per cent.
According to IMF, the body is planning to raise $6bn by selling 12.97 mn ounces of gold, about 12% of the total holdings it has. IMF officials said the sale would likely take place over several years in an effort to avoid market disruption. The news of the IMF decision will most probably affect the bullion market. It is a fundamental step that will enable IMF to remain an independent, astute and dynamic international organisation. It will put IMF on solid financial footing.
Foreign currency assets rose $1.569 billion to $329.58 billion
A day after the Reserve Bank kept key interest rates unchanged, the International Monetary Fund on Wednesday said further interest rate increases are needed in India with monetary conditions still accommodative and credit expanding strongly.
Gold prices are expected to slump by 5 per cent before the end of this month to $855 per ounce as leaders of G-20 nations agreed on Thursday that the International Monetary Fund should sell gold from its reserve to help stimulate the world economy.
'Most crises take place because locals take their money out, not because only foreigners do'
