Crypto Prices Continues to move further up amid mixed volatility; Corrupt Minister Invests in Crypto. IMF chief economist Gita Gopinath said that emerging economies should regulate cryptocurrencies but not ban them.
Special drawing rights with International Monetary Fund (IMF) fell by $21 million to reach $19.25 billion in the reporting week. India's reserve position with the IMF rose $6 million to reach $5.23 billion.
The 49-year-old prominent Indian-American economist had joined the International Monetary Fund (IMF) as the Chief Economist in January 2019.
The Union Finance Minister Nirmala Sitharaman currently on her US visit said Joe Biden administration and US corporates have hailed India’s recent economic reforms.
The forecast for the sovereign remains unchanged from its July update. However, the growth forecast is a three per cent drop compared to the 2021 forecast published in April this year.
A report had recently said that the head of the International Monetary Fund, Kristalina Georgieva had a role in rigging data at the World Bank while she was working there.
The apex bank stated that the fall in reserves was on account of a fall in the foreign currency assets (FCAs) which is a major component of the overall reserves.
The United States is expected to register 7% growth this year, a sharp reversal from last year's 3.5% drop and an upgrade from the 6.4% growth the IMF had forecast for 2021 back in April.
IMF deputy chief economist Petya Koeva Brooks made a strong case for an additional economic stimulus to address the impact of the pandemic on the country's economy.
Immediate priorities are to continue supporting people and firms, and, in particular, to focus on supporting the most vulnerable.
On Tuesday, the IMF predicted an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the Covid-19 pandemic.
Notably, in 2020, India's economy contracted by a record 8%, the IMF said as it projected an impressive 12.5% growth rate for the country in 2021
The IMF is scheduled to release its World Economic Outlook on April 6.
Gopinath lauded the Serum Institute of India, saying it produces the most number of vaccines in the world in a regular year
This projection of India's massive 11.5% growth rate by IMF has made it the only major economy that's likely to witness double-digit growth in 2021
In an episode of Kaun Banega Crorepati, Amitabh Bachchan commented on Gita Gopinath's beauty, saying her face is so beautiful that nobody would associate her with economy
The IMF feels that the effects largely depend on how the government implements the laws.
'The measures will enable farmers to directly contract with sellers, allow farmers to retain a greater share of the surplus by reducing the role of middlemen, enhance efficiency and support rural growth', said IMF's Director of Communications.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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