Search Result for : International Monetary Fund

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  Finance Minister Arun Jaitley has "strongly raised" the H-1B visa issue with US Commerce Secretary Wilbur Ross, highlighting the important role played by highly skilled Indian professionals in America, officials said. During the meeting here -- the first cabinet-level interaction between the two countries under the Trump administration -- Ross is believed to have said that US has started the process of reviewing H1B visas issues and no decision has been taken on it yet, sources said. Taking up the case of Indian IT companies and professionals, Jaitley told Ross about the contribution of highly skilled Indians in the economic development of the United States and India and stressed that they should continue to do so, which is in the ...

The Dollar Business Bureau  Greece has made a plea to its eurozone creditors and International Monetary Fund (IMF) to refrain from further imposition of austerity on its already slowing economy. Since the country has met its budget targets, the government's spokesperson said that there is no reason for tougher conditions on the proposed bailout package, the terms for which have been in negotiation for months.  It is crucial for Greece to receive the 86 billion Euro bailout package in order to fulfill its interest obligations, which it will inevitably default on without external aid. The tug-of-war between the creditors and the Greece government has culminated in a stalemate, with neither party willing to budge from its position with respect to stringent reforms and spending cuts.  "The Greek government ...

The Dollar Business Bureau The U.S. economy grew at an annual rate of just 1.9% in the last three months of 2016, slowing down considerably from 3.5% growth in the third quarter of last year, and dragged down by a significant increase in the country’s trade deficit. The Commerce Department said Friday the 2016 gross domestic product (GDP) growth overturned in the last quarter to register its weakest performance in five years. Overall, US economy grew 1.6% in 2016, worst since 2011 and down from 2.6% in 2015. For the fourth quarter, exports, which were earlier temporarily strengthened by a surge in sales of soybeans to Latin America, came down. Meanwhile, imports escalated to 8.3%, the biggest gain in the last two years. Inflation rose to a ...

The Dollar Business Bureau India has seen a tremendous expansion in the exports of services between 1990 and 2013. This is nothing short of spectacular as it placed India on the world’s high-income economies map. It is a known fact that trade leads to structural transformation and a diversification in the economies, the types of goods traded and the trading partners leave an impact.  By laying importance on exporting high-value services that India has an advantage in, it could capitalize on the same by increasing the quality, sophistication and diversification in manufacturing. This could lead to expansion in total exports, improving the quality of products, focusing on sophistication and expanding into higher value added services, that could serve generating better employment opportunities for ...

Source: PTI Prime Minister Narendra Modi with BRICS leaders at a meeting, on the sidelines of G20 Summit 2015, in Turkey.   Government will soon bring a new law on public procurement to check corruption and domestic black money, Prime Minister Narendra Modi said on Monday while seeking greater global cooperation for return of illicit money stashed abroad. He also said that the barriers of excessive banking secrecy must be removed and all countries should implement a Common Reporting Standard based on Automatic Exchange of Tax Information for better cooperation on such matters. Modi said India has “zero tolerance for corruption and black money” and listed out efforts including a new law to deal with the undisclosed assets kept abroad and ...

Source: PTI China's top legislature on Wednesday ratified the Asian Infrastructure Investment Bank (AIIB) agreement, that will set out legal framework for the $100 billion-bank in which India and 56 other countries are founder members. Lawmakers voted on the agreement at the closing meeting of the bimonthly session of the National People's Congress (NPC) Standing Committee, state-run Xinhua news agency reported. The ratification is a significant step closer to the AIIB's formal establishment slated for the end of this year, as China is the bank's largest shareholder. The China-backed multilateral development institution is tasked with financing infrastructure construction across Asia. The Beijing-based bank could rival World Bank, International Monetary Fund and the Asian Development Bank in scaling up funding for the ...

Source: PTI Seeing an opportunity in the recent turmoil in global equity and currency markets, Finance Minister Arun Jaitley on Thursday said India, with 8-9% growth rate, can replace China as the driver of world economy. The country has already laid down a "red carpet" for businesses which want to invest here, he said, committing to push ahead with the government's reforms agenda. “The world needs other engines to carry the growth process. And in a slowdown environment in the world, an economy which can grow at 8-9%, like India, certainly has viable shoulders to provide the support to the global economy," he said. In an interview to BBC, Jaitley said India is an investor-friendly destination and investors need not fear ...