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The Dollar Business Bureau International organisation International Monetary Fund (IMF) on Monday projected India’s gross domestic product (GDP) growth at 7.4% in the financial year 2018-19, making India being the ‘fastest-growing’ economy among the emerging economies. “India is forecast to grow at 7.4% in 2018-19 against 6.7% this year, gaining pace to 7.8% in 2019-20,” the IMF said in its report World Economic Outlook: Brighter Prospects, Optimistic Markets, Challenges Ahead.  China’s economy growth rate at 6.8% in 2017 was higher than India’s 6.7% but the former’s growth will slip to 6.6% next year. In 2016, India’s economy grew at 7.1% but slowed in 2017 due to demonetisation and rollout of GST. The IMF kept the aggregate growth projections unchanged for emerging markets and developing ...

The Dollar Business Bureau The International Monetary Fund (IMF) Chief Christine Lagarde on Friday defended the ongoing negotiations of NAFTA, arguing that any trade agreement that is 20 years old requires to be reviewed and revised. “For a trade agreement, which has been in existence for, what, 20 years now, it is not unusual or unnecessary to actually look into it, go under the skin of the agreement, find out what works, what does not work, what can be improved, what new topics should be considered - given the changes that have affected the markets in the last two decades,” she told journalists at a news conference in Washington. Lagarde, who served as French commerce and industry minister, ...

The Dollar Business Bureau Arvind Panagriya has resigned as the Vice Chairman of NITI Aayog, after serving for two-and-a-half years at the country’s revamped planning commission. He resigned from the post today after heading a meeting. Panagariya has hinted that he is likely to go back to teaching and could join the Columbia University. He is likely to be relieved from his post on August 31. NITI (National Institution for Transforming India) Aayog came into effect on January 1, 2015, replacing the Planning Commission. It was created as a premier 'think tank', meant to frame policies for the Indian Government, giving directional as well as policy inputs. Panagariya was handpicked by Prime Minister Narendra Modi to head the NITI Aayog just after its creation. Like the previous Planning Commission, the Prime Minister is the Chairman of the Aayog. Panagariya, has a PhD in ...

The Dollar Business Bureau An international body for financial system, The Financial Stability Board (FSB), has given a good status report, terming India to be ‘compliant or largely compliant’. The report was submitted ahead of the G20 Summit to be held in Germany. The FSB was established in 2009 as a successor to the Financial Stability Forum (FSF). It is a not for profit association functioning under the Swiss law with its seat in Basel, Switzerland. This comes as a good news to India as PM Modi is likely to attend the G20 Summit and the report listed India as  a ‘compliant’ jurisdiction with regard to Basel III reforms in risk-based capital  and  also termed it as ‘largely compliant’ with regard to the ...

PTI India boycotted China's high-profile Belt and Road Forum, taking its protest over a controversial economic corridor traversing through Pakistan- occupied Kashmir (PoK) to a new level despite Beijing's overtures to ensure New Delhi's participation. Following India's boycott, Pakistan Prime Minister Nawaz Sharif, taking a veiled swipe at New Delhi's move, said the multi-billion dollar China-Pakistan Economic Corridor (CPEC) was an economic project open to all the nations in the region and it "must not be politicised". No Indian official of any level was present at the elaborate opening ceremony attended by 29 heads of state and government along with top officials of the world bodies like the UN, the World Bank and the IMF. India skipped the ...

The Dollar Business Bureau  The International Monetary Fund (IMF) said on Tuesday that the economic growth of India is likely to rebound to 7.2% in the current fiscal of 2017-18 and 7.7% in the next fiscal of 2018-19 after the disruptions caused due to demonetisation, whereas it recommends the elimination of long-standing structural bottlenecks to increase market efficiency. The disruptions (majorly to consumption in private sector) caused due to shortage of cash post demonetisation, accompanying the initiative on currency exchange are likely to slowly dissipate this year as shortage of cash would ease, the IMF said in its report on regional economic outlook. Such type of disruptions would also be dissipated on account of a good monsoon season and sustained progress in resolving ...

PTI  The Asian Development Bank (ADB) on Wednesday said the emerging orientation in the US and Europe for protectionism on trade is "worrisome" but not realistic enough to break the global economy. A day before finance ministers and central bank governors meet for the ADB's 50th annual meeting, the multilateral agency's Chief Economist Yasuyuki Sawada said it was "difficult" to say if protectionism was "good or bad" and he did not want to make any judgement. "I think ADB's position is, more open trade and more open investment climate will be beneficial for all the countries and economies. In that respect, I think we should support more open trade regime," he told a media briefing here. Citing the example of China ...

The Dollar Business Bureau IMF believes that the GST reform will pay-off, and help India grow beyond 8%. A senior IMF official was quoted as saying that the Indian government’s significant progress will support strong and sustainable growth. The growth is anticipated as GST would enhance production and lead to uninterrupted movement of goods and services across the Indian territory. The IMF pointed out that India is the fastest growing emerging economy and currently represents the strongest-growth in the world. According to current projections, India grew by 6.8% during FY2016-17, and is anticipated to grow 7.2% during FY 2017-18. Besides GST, domestic factors such as stronger rupee, fiscal and monetary policies, focus on a digital payment structure and the growth of the stock ...