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.
The IMF Managing Director predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.
Kolkata Municipal Corporation (KMC) workers clear a water logged road after heavy rainfall due to Cyclone Jawad, in Kolkata.PTI Photo
A health worker checks details for COVID-19 tests of the passengers arriving from Rishikesh at the Bikaner railway station.PTI Photo
Shops at a Muslim-dominated area of Dalmandi remain closed on the anniversary of the Babri Masjid demolition, in Varanasi.PTI Photo
Resident doctors of Ram Manohar Lohia Hospital raise slogans during a protest in New Delhi.PTI Photo/Ravi Choudhary
An elderly beneficiary reacts as she receives a Covid-19 vaccine dose amid fear of spreading of a new variant of the virus (Omicron), at a government hospital in Jalandhar.PTI Photo
Young, brash and little-known artistes are using hip-hop as an outlet to speak up and speak out.
Aamir Shaikh aka Shaikhspeare traces talks about the genre that uses music as a means to dissent.
Family from UP village forced to run around to complete post-death official paperwork and even last rites.
On BR Ambedkar's death anniversary, a look at the 'invisible' history of Dalit Bahujan women in Indian politics.
While everyone is going gaga over actress Katrina Kaif in the revamped version of 'Tip Tip Barsa Pani', the replacement of Raveena Tandon does point towards the problem of sexism and ageism in the Indian film industry
Australia winning the T20 World Cup for the first time has been timely as they host the next edition at their own backyard in 2022.
As per the Observer Research Foundation, close to 250 million children in India were adversely affected due to school closures due to the early lockdowns imposed by the government in response to Covid-19.