Thursday May 24, 2018
Home Business India renews ...

India renews calls for urgent reforms in IMF, World Bank

0
//
66
Republish
Reprint

Lima: India reiterated its call for quota reforms in the World Bank and International Monetary Fund (IMF), a top official said on Sunday.

“India called for governance reforms in both institutions to reflect growing share of developing countries in global GDP,” tweeted economic affairs secretary Shaktikanta Das, who attended the IMF-World Bank annual meetings here.

“Both institutions highly appreciative of policy steps of India,” he said.

Addressing the plenary session of the IMF-World Bank meeting, Finance Minister Arun Jaitley had voiced strong reservation to unprecedented delay in implementing the quota reform of the IMF, saying the organisation will be constrained in meeting its obligations in absence of governance reforms.

Underlining India’s commitment to the UN Sustainable Development Goals 2030, Das said: “India stressed that developed countries’ contribution to climate finance should be from new and additional sources.”

Addressing the meeting of G-20 finance ministers and central bank governors in the Peruvian capital on Thursday, Jaitley called for unconventional ways to raise funds in the current context achieve the UN Sustainable Development Goals (SDGs) by 2030.

The secretary also said the developed nations’ think tank, the Organisation for Economic Cooperation and Development (OECD), in a presentation, appreciated India’s contribution to new initiatives in international taxation like on Base Erosion and Profit Shifting (BEPS).

“In a presentation, OECD appreciated India’s contribution to new initiatives in international taxation like BEPS project,” Das said.

Earlier at the Commonwealth finance ministers meeting here, Jaitley had welcomed the final guidelines on BEPS issued by OECD, which has also developed the common reporting standards.

The Indian finance minister also reiterated the need for global implementation of reciprocal information exchange under common reporting standards to tackle the menace of tax evasion and black money.

Earlier this week, the Paris-based OECD unveiled measures, including country-by-country reporting, a framework to end treaty shopping and curbing harmful tax practices through automatic exchange of information, in an effort to bring transparency in international taxation norms for companies.

(IANS)

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

At 7.4%, India Will be the Fastest Growing Major Economy in 2018

"The current account deficit in fiscal year 2017-18 is expected to widen somewhat but should remain modest, financed by robust foreign direct investment inflows," the report said.

0
//
32
However, it added a note of caution:
Indian Economy is growing at the rate of 7.4%, Pixabay

The International Monetary Fund (IMF) reaffirmed on Wednesday that India will be the fastest growing major economy in 2018, with a growth rate of 7.4 per cent that rises to 7.8 per cent in 2019 with medium-term prospects remaining positive.

The IMF’s Asia and Pacific Regional Economic Outlook report said that India was recovering from the effects of demonetisation and the introduction of the Goods and Services Tax and “the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption.”

Medium-term consumer price index inflation “is forecast to remain within but closer to the upper bound of the Reserve Bank of India’s inflation-targeting banda of four per cent with a plus or minus two per cent change, the report said.

However, it added a note of caution: “In India, given increased inflation pressure, monetary policy should maintain a tightening bias.”

The International Monetary Fund (IMF) reaffirmed on Wednesday that India will be the fastest growing major economy in 2018, with a growth rate of 7.4 per cent that rises to 7.8 per cent in 2019 with medium-term prospects remaining positive.
IMF declares Indian economy growth fastest among all, IANS

It said the consumer price increase in 2017 was 3.6 per cent and projected it to be five per cent in 2018 and 2019.

“The current account deficit in fiscal year 2017-18 is expected to widen somewhat but should remain modest, financed by robust foreign direct investment inflows,” the report said.

After India, Bangladesh is projected to be the fastest-growing economy in South Asia with growth rates of seven per cent for 2018 and 2019; Sri Lanka is projected to grow at four per cent in 2018 and 4.5 in 2019, and Nepal five per cent in 2018 and four per cent in next. (Pakistan, which is grouped with the Middle East, is not covered in the Asia report.)

Overall, the report said that Asia continues to be both the fastest-growing region in the world and the main engine of the world’s economy.

The region contributes more than 60 per cent of global growth and three-quarters of this comes from India and China, which is expected to grow 6.6 per cent in 2018 and 6.4 per cent in 2019, it said.

The report said that US President Donald Trump’s fiscal stimulus is expected to support Asia’s exports and investment.

The Asian region’s growth rate was expected to be 5.6 per cent for 2018 and 2019.

However, in the medium term the report said that “downside risks dominate” for the region and these include a tightening of global financial conditions, a shift toward protectionist policies, and an increase in geopolitical tensions.

Also Read: Hero Cycles to Grow 60% by 2022 and UK Will Help It 

Because of these uncertainties the IMF urged the countries in the region to follow conservative policies “aimed at building buffers and increasing resilience” and push ahead with structural reforms.

“While mobile payments are expanding sharply in such economies as Bangladesh, India, and the Philippines, on average Asia is lagging sub-Saharan Africa,” the IMF said, adding that the region should take steps to ensure it is able to reap the full benefits of increasing digitalisation in the global economy. (IANS)

 

Next Story